P M inaugurates oil well NB-1 today
By Our Corporate Bureau | 10 Feb 2004
Mumbai: Prime Minister Atal Bihari Vajpayee, today dedicated to the nation the oil well NB -1, near Barmer in Rajasthan. NB-1 is the first exploratory well in a 5,000 square kilometre onshore exploration block in the Rajasthan Basin.
Cairn Energy, UK, which is exploring the block, has expressed confidence that the well will eventually produce over 10,000 barrels of oil per day. While Cairn Energy, UK, holds a 100 per cent interest in the block, the Oil & Natural Gas Corporation Ltd (ONGC) have a right to 30 per cent of any development area resulting from a commercial discovery on the block.
Earlier in the month Cairn announced that a cumulative flow rate of 6,000 barrels of oil per day had been achieved across three selected zones during an open hole drill stem test programme in the NB-1 exploration well. The well, according to Cairn, intersects a stacked sequence of twelve oil bearing reservoir units in the Fatehgarh formation.
Cairn plans to commence the first appraisal well and additional seismic tests later this month. Cairn has a substantial acreage holding that comprises exploration and production assets, predominantly in India and Bangladesh, with additional non operated producing interests in the North Sea. It has proved probable reserves of 126.3 million barrels of oil equivalent.
