GSPC sets 2nd November deadline for KG block

Vol 10, PW 11 (21 Sep 06) News in Brief

Companies shortlisted to buy up to 30% equity in GSPCs Deen Dayal gas discovery on block KG-OSN-2001/3 must submit binding bids by 2nd November.

Gujarat authorities want to announce the winner in time for the annual Vibrant Gujarat investment summit in January next year. British Gas, BP, ENI and Chevron have confirmed their interest and one unconfirmed report suggests Exxon is still in the race.

The data doesnt look as good as GSPC claims, says a source in one of the above companies. But some upside is possible.

By 20th September, Saipem rig Perro Negro 3 had reached 4600 metres at well KG#15 on the block. Drilling has been good so far, we hear.

GSPC has conducted modular dynamic tests at several intervals. A lot of core samples are being collected.

Gas, condensate and gas were encountered at multiple levels. GSPC hopes to reach TD of 5600 metres within a month after which it will begin production testing.