IndianOil strikes oil in Cambay
IndianOil has struck oil at exploration block CB-ONN-2005/2 - its first recorded success as operator.
In November IOC discovered a large column of oil in the Olpad formation at 2850 metres while drilling the second of four Phase-I wells at the 81-sq km NELP-VII block. "It's a 200-metre column extending till 3050 metres," confirms a source.
"We were overjoyed to see a fluorescent colour (indicating oil) in all intervals over 200 metres." Testing will be challenging, believes IOC, because of the tight formation.
Techno Canada will test the well and is poised to mobilise crew to location. IOC is also seeking help from ONGC and its Corporate Exploration and Well Stimulation Services divisions.
IOC is firming up plans to drill the remaining two Phase-I committed wells but is concerned it might face delays because of poor performance by the Shiv Vani-owned 2000-hp land rig. IOC became an operator (100%), signing the PSC on December 22, 2008.