Processing .....please wait.. 
The article has been forwarded.... 
GAIL discovers crude oil in Gujarat
By siliconindia
|
Friday, 10 September 2004, 19:30 IST
NEW DELHI: GAIL (India) Ltd, India's biggest gas transporter, has discovered crude oil in the Cambay basin in Gujarat, the company said in a statement on Thursday.
"The recoverable reserves, based on initial testing results, are estimated to be approximately 10 million barrels with an upside potential of 50 million barrels," the statement said.
The company said it found oil in association with Gujarat State Petroleum Corp in block CB-ONN-2000/1.
"Tests have proven the well to be a prolific light crude oil producer," the statement said.
GAIL plans to invest Rs 6 billion ($129.7 million) in exploration and production activities in the next three years.