OVLآ’s $23m work programme for 2004 at Farsi in Iran

Vol 8, PW 4 (19 May 04) News in Brief
     

The OVL-led Indian consortium at Irans offshore Farsi block will spend $23m to carry out its 2004 work programme.

Of this, $11.8m will be spent on drilling and related activities. Operator OVL plans to drill one well at Farsi in October at a cost of $10m, to a target depth of 2,300 metres or up to the base of the Burgan Formation.

Geological and geophysical studies including the acquisition, processing and interpretation of 17,000-km close grid 2D or equivalent 3D seismic will cost a further $9.3m. The consortium is now in the second year of a four-year exploration service contract signed in December 2002 with National Iranian Oil Company.

OVL and Indian Oil each have 40% equity at Farsi, while Oil India has the balance 20%. Two exploration wells are committed in the third year and one well in the fourth year.

The total exploration budget is $38m.