Reliance awards 3D contract to PGS reservoir
Reliance is unlikely to issue a press release because that's not how this company works.
But it's now common knowledge that India's latest entrant to the upstream club of oil explorers has selected PGS Reservoir of Singapore to carry out a seismic survey of acreage awarded under the last round of the New Exploration Licensing Policy. Asource in Mumbai tells this report that in the first week of February, Reliance faxed a 'Letter of Award' to PGS Reservoir confirming its selection for a contract, valued between $22-26m to carry out a 3D acquisition programme over approximately 4,000 sq km of shallow and deepwater areas across 12 blocks awarded under NELP-1.
This report has NOT seen a copy of the letter but if it exists it would no doubt carry the signature of PM Prasad, president of the Reliance group's petroleum activities. Work on the 3D programme could commence as early as March.
No formal contract has yet been signed as the nitty-gritty detail of contract value is still being worked out. "It was a close race between PGS and WesternGeco," reveals a source.
Reliance hasn't yet decided who will process the data. One analyst estimates Reliance's total budget for seismic acquisition at $50m.