The government today approved extension of exploration phase in a Gujarat block held by Jubilant and Gujarat State Petroleum Corp.
"The Cabinet Committee on Economic Affairs (CCEA) approved extension of exploration Phase-1 in the block CB-ONN-2002/2 to carry out additional work of testing four exploration wells, drilled (previously)," an official statement issued after the CCEA meeting said.
CB-ONN-2002/2 was awarded in the fourth round of New Exploration Licensing Policy (NELP) round to a consortium of Jubilant Oil and Gas (30 per cent), GSPC (60 per cent) and Geo Global Resources (10 per cent).
Originally, the phase-I exploration was valid from May 21, 2004 to November 20, 2006, subsequently extensions were given to the consortium till November 20, 2007.
"The contract made a discovery in the third exploratory well drilled during the fag-end of Phase-I," it said adding a six month extension was granted till May 20, 2008 to complete the commitment to drill four wells.
The operator wanted to test the four wells, drilled after discovery well, and so requested extension which CCEA granted today.