The third round of bidding under the new exploration licensing policy (NELP) will be launched before the end of the current financial year.
This was announced here today by petroleum minister Ram Naik. He said that deep water blocks in the Krishna-Godavari (KG) and the Cauvery basins would be among the over 20 blocks likely to be offered during this round.
Naik renamed the Cairn Energy's 'M' discovery, estimated to have 40-60 million barrels of oil reserves, as 'Padmavati'. Minister of state for petroleum Santosh Gangwar renamed 'P' discovery, estimated to have 40-60 million barrels of oil and 100-200 billion cubic feet of gas, as 'Kanaka Durga'.
Avinash Chandra, director-general (hydrocarbons), said Cairn Energy's latest find in the KG basin equals half the gigantic Bassein field. "The potential may be as high as 10-15 million cubic meters of gas."
Besides the high prospects in the KG basin, the Cauvery basin and the deep waters between Sri Lanka and the southern tip of India also have good prospects, he said. "We hope to put up new blocks in these basins in the third round of NELP," he added.
ONGC strikes oil in western offshore
The state-owned Oil and Natural Gas Corporation (ONGC) has struck oil and gas in the western offshore, about six km east of Bassein (Vasai) gasfield, said petroleum minister Ram Naik here today. "ONGC had last week made a very big oil and gas discovery in Vasai, near Mumbai High fields," he said.
It is estimated to have inplace reserves of over 65 million tonne of oil and oil equivalent gas. Oil flowed at a rate of 1500 barrels per day. Another well would be drilled this fiscal to access inplace oil reserves.
