GAIL Increases Interest in Ahmedabad Block
Gas Authority of India Ltd (GAIL) will increase it's stake in the Ahmedabad Block to 50% by acquiring half of Joshi Technologies' stake in the block. Gujarat State Petroleum Corp will acquire the other portion of JTI's stake. This will make GSPC and GAIL equal partners in CB-ONN-2000/1. All transactions are subject to government and regulatory approvals.
Last week the PK-1 well discovered 10 million barrels of oil and 300 billion cubic feet of natural gas. This was the first well drilled on this block. The well encountered hydrocarbon bearing zones in three intervals and was drilled to a depth of 1,736 meters. The well will be deepened to 2,000 meters.
CB-ONN-2000/1 block was awarded to GSPC (40 percent), GAIL (40 percent) and JTI (20 per cent) in 2001 under (NELP-II).
- Oilex Progressing Work Plan to Unlock Gas Resources in India's Cambay Block (Jun 27)
- Oilex Commences Gas Production from Bhandut Field in Gujarat, India (Apr 08)
- GeoGlobal Updates ANK 41-S Drilling In India (Dec 22)
Company: Gas Authority India Ltd. (GAIL) more info
- India Seeks to Rework More LNG Contracts Amid Surplus, GAIL Says (Oct 04)
- LNG Price Row Between India, US Crimps Trump's Export Aims (Jun 30)
- India to Use Market Pricing for Part of Future Gas Finds in Complex Fields (Aug 11)