gujarat block 1.3tcf gas 1.6billion barrel oil

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http://www.directorstalk.com/oilexs-gujarat-block-holds-1-3-tcf-gas-1-6-bn-barrels-oil/

Oilex’s Gujarat block holds 1.3 tcf gas, 1.6 bn barrels oil
Australia-based oil and gas explorer Oilex Ltd says its Cambay Basin block in Gujarat has been independently assessed to hold in-place natural gas reserves of 1.3 trillion cubic feet and 1.6 billion barrels of oil.
The discovered gross in-place reserves of the Cambay Basin block near the town of Khambat, 160 km South of Ahmedabad, have been independently evaluated by Netherland, Sewell and Associates Inc to hold 1.314 trillion cubic feet (tcf) of gas and 1.633 billion barrels of oil.

Of this, 484.7 billion cubic feet of gas and 83.3 million barrels of oil were deemed unrisked and recoverable. Oilex has drilled many wells in the Cambay field and had announced that an evaluation of these has concluded there are undiscovered gross in-place volumes of 12.644 tcf of gas and 11.592 billion barrels of oil.

Netherland, Sewell and Associates completed an independent hydrocarbon in-place evaluation and recoverable resources assessment of six potential Eocene reservoirs in Oilex’s Cambay Production Sharing Contract (PSC) block.


Tests backed the Australian firm’s view that “the Cambay Eocene tight reservoirs contain significant quantities of oil and gas”.
“In the context of the strong Indian market for energy, particularly in Gujarat, the assessment of the resources at Cambay reinforces our focus to deliver the full potential value of this asset,” he added.

The assessment will continue to the next stage once sufficient production data becomes available from the company’s Cambay 76H well.

Oilex is the operator of the Cambay Production Sharing Contract (PSC) block, with a 30 per cent stake. Its wholly owned subsidiary, Oilex NL Holdings, has a 15 per cent participating interest and Gujarat State Petroleum Corporation holds the remaining 55 per cent.

Exploration and development work in the Cambay contract area is described by Oilex as “potentially low risk and high reward”. The area hosts much of India’s heavy industry and the demand for gas and oil still substantially outweighs domestic supply.