GSPC Discovers Huge Gas Reserve Worth $100B in KG-22

GeoGlobal Resources Inc. has reported that the Gujarat State Petroleum Corporation, the operator of the exploration block Krishna Godavari Basin Block KG-OSN-2001/3, has successfully tested 17 meters of perforations across the interval depth from 4,652 to 4, 672 meters total measured depth in the KG-22 well, and has made a discovery of a huge gas reserve of more than 600 billion cubic meters of gas.

"The discovery is worth US$100 billion," said Gujarat Chief Minister Narendra Modi.

As previously announced, drilling of the KG-22 well commenced on August 27, 2007 using the Deep Driller 1 jackup rig. The surface location of the KG-22 well is approximately 7.5 kilometers northeast of the KG-8 well discovery in shallow waters of approximately 91 meters in depth. The KG-22 ST-2 (Side-track #2) was cased with a 7 inch liner to approximately 5,616 meters MD in an 8-1/2 inch hole, and further drilled to 6,007 meters MD as a 5-7/8 inch hole. The KG-22 ST-2 was subsequently plugged back up to 5,600 meters MD to prepare the well for testing. On May 19, 2008 the KG-22 well commenced a testing program for testing reservoir intervals in the 7 inch liner.
GSPC, which spent 470 million U.S. dollars on drilling 10 wells in a 120 sq km offshore area so far, plans to dig five more wells. It had began drilling in July 2004 after acquiring 3-D seismic data, according to Gujarat's Chief Minister.

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