NEW DELHI: The British company's latest discovery has been in block RJ/ON/90-1. The deal was awarded under the New Exploration Licensing Policy (NELP) in which it is the sole stakeholder. "The well flowed 200 barrels of oil and 7.3 million standard cubic feet per day (MMSCFD) of gas in the interval of 1,241 to 1,338 metres," Petroleum Minister Ram Naik said here Tuesday during the production sharing contract signing for another 23 exploration blocks awarded under the third round of NELP. The preliminary estimate of mean "oil-in-place" reserves is about 155 million barrels (20 million tonnes approximately). The crude found is sweet and waxy in quality. "Besides this, there was production of 2.2 MMSCFD of gas and hydrocarbon indications in a tight reservoir in two deeper intervals from the well," said Naik. So far Cairn Energy has made 10 hyrdrocarbon discoveries in India. Of these, Gauri, Ambe, Parvati and Lakshmi were made offshore in the shallow water in Gujarat and Saraswati was made onshore in Rajasthan. The other five discoveries were all made in deep water offshore Andhra Pradesh in the Krishna-Godavari Basin. "Including the earlier Saraswati strike at Sanchor in Barmer district with estimated reserves of 14 million metric tonnes, Cairn Energy's (latest) find is around 34-35 million metric tonnes. "Together they could add one million metric tonnes crude to India's total annual production once commercial production begins," said Naik. The discovery, close on the heels of significant gas and oil finds in the east and west coast, are expected to bring forth better response when India offers the next round of blocks for exploration under NELP-IV in the first week of April, Naik said. Dependent on imports for 70 percent of its hydrocarbon requirements, India annually produces around 34 million tonnes of crude oil. India expects to see an investment of around 145 billion in the first three phases of exploration in the 70 blocks it has given for exploration in the last three years. "As discoveries are made, this investment would take a quantum jump," said Naik.
Source: IANS