HPCL Makes maiden Discovery Of Oil In Exploration Block in Cambay

Hindustan Petroleum Corporation Ltd (HPCL) has announced that the exploration Block CB-ONN-2002/3 of about 285 Sq km of area was awarded to the consortium of GSPC (55%), Jubilant Oil & Gas Pvt Ltd (20%), Prize Petroleum Co. Ltd (15%) and Geo Global Resources (Barbados) Inc. (10%) under the IVth round of NELP by govt. of India MoPNG in the year 2004. PPCL has assigned its 15% Participation Interest (PI) to its promoter and parent Company HPCL.The exploratory location M#1 was drilled to fulfill the MWP in phase-I of the PSC. This well was drilled to a depth of 2479m, targeting the deeper prospects Deccan & Olpad formation and also test and evaluate the reservoir potential of Dholka & Kalol pays. Based on quick interpretation and drilling observations it was decided to carry out detailed testing to evaluate the reservoir potential in different formations.