ONGC Spuds First Exploration Well in India's Palar Basin
Oil and Natural Gas Corporation Ltd. (ONGC) reported Tuesday that the company has commenced drilling the first exploration well in Palar Basin, located some 34.2 miles (55 kilometers) from Chennai, India May 25. The Basin is sandwiched between two major prolific basins of the South – KG in the north and Cauvery in the South.
ONGC won the block PR-ONN-2005/1 spread over around 695 square miles (1,800 square kilometers) jointly with Tata Petrodyne Ltd (20 percent stake) in the seventh round of NELP bidding. It was granted an extension in the drilling of two wells under the Minimum Work Program (MWP). The second well planned is around 4.3 miles (7 kilometers) from the current site and will be drilled well within the time frame stipulated in the MWP.
Speaking at the spudding ceremony Narendra K Verma, director (Exploration) said that the well NAAA reminded him of the iconic wells like Lunej-1, Disangmukh-1, Narsapur-1, PY-1 which opened up new basins in the country. “Palar will not be an exception and you are on the threshold of creating history. The sediment type and basinal settings give us this hope”, he remarked.
The Director assured of a massive upgradation of all hardware including rigs, vessels, floaters etc. to achieve the mission objective. He also hoped that the subsidy burden on ONGC would gradually reduce, giving it enough resources to venture into ambitious projects in India and abroad.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Subsea Contract Features Made-in-India Element (Oct 03)
- India Tells State Oil Firm ONGC to List Overseas Unit (Aug 21)
- ONGC, Reliance in Talks with Customers to Sell East Coast Gas (Apr 10)