Tuesday, June 2, 2015

ONGC, Petrobras find new oil reservoir off Brazil's Sergipe

OIL and Natural Gas Corp (ONGC), which holds 25 per cent stake in Deepwater exploration in the Sergipe-Alagoas Basin, and Brazil's state-owned Petroleo Brasileiro SA, have discovered a new deposit of light oil in deep waters off the coast of the northern state of Sergipe. Petrobras is the operator and has 75 per cent stake in the prospect.
Well 3-SES-189, located in the Poço Verde area discovered in 2012 in the BM-SEAL-4 exploration block, was drilled down to 5,350 meters in waters 2,479 meters deep.
Drilling began on April 6 by...
Diamond Offshore Drilling Inc (DO.N) with its Ocean Courage semisubmersible rig.
"The reservoirs contain light oil of good market value and are 85 meters wide, with good porous and permeable conditions," a Petrobras statement said. It said another test is needed to confirm the conditions and establish the well's potential.
Deepwater exploration in the Sergipe-Alagoas Basin by Petrobras, ONGC and India's Videocon Industries Ltd and Bharat Petroleum Corp. has resulted in some of Brazil's largest oil discoveries outside the giant finds in the Santos Basin.
In a related development, ONGC will explore four of its coal bed methane blocks on its own. This will require an investment of Rs 5,000 crore.
D K Sarraf, chairman and managing director, said, “We have decided to expedite development in our CBM blocks. CBM does not require technology or expert knowledge. We were in this business and our team is familiar with exploration plans”.
ONGC has so far spent Rs 510 crore on the four blocks.
“We will start development, but if anyone wishes to partner us we will be happy. Besides, after production is visible, we might get a better price from prospective partners,” Sarraf added.
ONGC twice in the past tried selling stakes in the four blocks in Jharia, Bokaro and North Karanpura in Jharkhand and Raniganj North in West Bengal.

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