GeoGlobal doubles oil estimate for Cambay basin

GeoGlobal, an oil and gas major with its operational base in Canada, has estimated almost double the potential of oil and gas in the Cambay basin in Gujarat. The company has set a high exploration target in the Cambay basin, ranging between 10 million barrels oil equivalent (mboe) to 50 mboe.

The company informed its investors at its recent annual general meeting in Calgary, Canada, that it had identified good potential in the Krishna-Godavari (K-G) basin as well. GeoGlobal has four rigs in the K-G basin's Deen Dayal block and hopes to drill eight wells there in the current year. GeoGlobal said that it had just completed Well No 16 in the block, which is operated as a joint venture between Gujarat State Petroleum Corporation (GSPC) and Geo Global, and is currently drilling Well No 28.

The GeoGlobal-GSPC joint venture has drilled and cased Well Nos 8,15 and 17 in the block. Well No 16, where the drilling has been completed, is being tested. From Well No 28, GSPC-GeoGlobal will move onto Well No 21, which will eventually help the joint venture to confirm over 20 tcf of reserves it announced almost two years ago.

The company has estimated a potential between 1,000 and 3,000 barrels a day at the Ingoli field of the Tarapur block. The company is currently drilling Well No TS-4, 5 and 8 in the block. The estimated gas potential in the block is as high as 2.5 million cubic feet a day according to the company. GeoGlobal has already drilled seven wells and is currently drilling three more wells in the Tarapur block to assess further development potential. The company has a commitment to drill 35 wells in the first phase.