Reliance Ind Makes Fifth Oil Discovery In Gujarat Block
Reliance Industries Limited (RIL) has made announcement about its fifth oil discovery in exploration block CB-ONN-2003/1 (CB 10 A and B), granted under the NELP-V round of bidding.
The newly discovered block is situated at a distance of approx 130 kms from Ahmedabad, Gujarat, in the Cambay basin.
RIL drilled the well CB10A-J1 to a total depth of 1957 metres in Part A of the block, with the objective of exploring the play fairway in the Miocene Basal Sand (MBS) of Babaguru formation and Eocence Pays of Kalol formation.
Hydrocarbon bearing zone was identified at a depth of 1376-1385.5 metres in the Miocene Basal Sand (MBS) of Babaguru formation.
The examination of conventional production was conducted in the interval of 1376-1381.5 m. The well flowed at a rate of 255 barrels of oil per day (bopd).
This is a major discovery as this play fairway is likely to open up more oil pool regions, resulting into better hydrocarbon potential within the block.
The block covers up a total region of 635-sq km in two sections including Part A and Part B.
RIL, as Operator, possesses 100% Participating Interest (PI) in the block.
As of March 31, 2010, RIL, which is the country's biggest private sector company on all major financial parameters, has a turnover of Rs 2,00,400 crore, cash profit of Rs 27,933 crore, net profit of Rs 16,236 crore and net worth of Rs 1,37,171 crore. (With Inputs from Agencies)