Financial Daily from THE HINDU group of publications
Tuesday, Jun 28, 2005

Port Info

Group Sites

Home Page - Petroleum
Industry & Economy - Petroleum

`Assessment of GSPC gas find in KG Basin to take 14 days'

Our Bureau

New Delhi , June 27

THE Director-General of Hydrocarbons (DGH) on Monday said that it would take at least a fortnight to estimate the size of the gas reservoir in Krishna-Godavari Basin (KG Basin) where Gujarat State Petroleum Corporation Ltd (GSPC) has discovered gas.

Speaking to Business Line, Mr Vinod Sibal, DGH, said, "At present production testing in the block is going on. Once this is over then we are going to evaluate it. However, the flow of the gas is good."

According to him, the discovery of gas is at a depth of about 4,700 metres and water depth is at around 80 metres. GSPC, on Sunday, said it has discovered an estimated 20 trillion cubic feet of gas reserves in an offshore exploration block in the Bay of Bengal. This comes close on the heels of ONGC announcing that it has made a significant gas discovery in the shallow waters of the KG Basin.

ONGC had said that gas was struck in a well drilled on the GS-15 prospect, located southwest of the Ravva oilfield, which was discovered by ONGC in 1987. The site is around 12 kilometres from the Amalapuram coast in Andhra Pradesh. The well was spudded on May 28 at a depth of 17.8 metres with a target depth of 2,500 metres. ONGC has indicated a significant hydrocarbon column or pay zone of around 45 metres at a depth of 1,684 metres to 1,760 metres.

Industry players said that if the reserves in the KG basin are proven, the GSPC discovery would be India's largest ever gas find.

Reliance Industries Ltd in 2002 had announced that it had found gas adjacent to GSPC's current discovery. The Reliance block is estimated to hold around 14 trillion cubic feet of gas reserves.

GSPC was awarded the shallow water block under the Government's third round of New Exploration Licensing Policy. India imports around 76 per cent of the crude of it processes.

The domestic gas output of around 80 million cubic meters a day meets only about 60 per cent of its demand.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Punjab National Bank ICICI BANK

Stories in this Section
Fertility decline averts 300 m births

Taj to manage luxury hotel in New York
`Assessment of GSPC gas find in KG Basin to take 14 days'
Torrent to buy Pfizer's drug co in Germany
Non-exec directors of Tata Sons to retire at 75
Actis representative on Punjab Tractors board resigns
ISRO close to playing role in global navigation systems
RBI, AP Govt sign pact to strengthen urban co-op banks — MoUs with other States on cards
Maharashtra may lease out 4 sick sugar co-ops to pvt mills

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line