Videocon to start drilling ops in Timor block next yr

Videocon Industries today said drilling in a Timor Sea exploration block, where it holds 25% stake, will begin next year.

Videocon's share of exploratory expenditure would be $18.9 million, a company press release said.

Besides Videocon, Gujarat State Petroleum Corp, Bharat Petroleum and Oilex of Australia also have 25% stake each in Block 103 in the Joint Petroleum Development Area (JPDA) located in the Timor Sea, between Australia and Timor-Leste.

JPDA is within the Bonaparte Basin that is estimated to hold 23 trillion cubic feet of gas reserves.

Videocon said a contract for 1,657 sq km of 3-D data acquisition has been awarded at the afore said price. About 1,055 sq km of reprocessed 3-D data to the north of the block has already been acquired, it added.