INTRODUCTION
ONGC Videsh Limited secured the bid in early 2002 and has finalised
the draft Exploration Service Contract with the National Iranian
Oil Company of Iran, for the Farsi offshore Block. It is an exclusive
Indian consortium, the partners and their participating interest
in this exploration project are : OVL 40% (Operator), IOC 40% and
OIL 20%.
The Farsi offshore exploration block, measuring 3500 sq km, is located
in the Persian Gulf with an average water depth of 20-90 mts. Five
wells have been drilled on three prospects, out of which two wells
produced about 3300 barrels per day. Reserve expectation from the
block is about 540 MMbbls.
DEVELOPMENT PLANS & SCHEDULES
The consortium, in the four year exploration period, has the minimum
work obligations as listed below:
| • |
Minimum Work Obligation Study of 2200
LKM of previous 2D seismic
|
| • |
API of 17000 LKM 2D/Equivalent 3D |
| • |
Drilling of 4 exploratory wells
|
The activity-wise tentative work schedule is given below:
| Year |
1 |
2 |
3 |
4 |
| Activity |
1. Study Previous Seismic |
2. API Seismic Completed |
1. Drilling Exploratory Wells |
1. Exp. Drilling Completed |
| 2. Commencement Additional Seismic |
2. Drilling Prioritised |
|
2. Appraised Work As Required |
PROJECT SCHEDULE
STATUS AS ON 31/03/2003
The Contract has been signed at Tehran on 25th December 2002 by the
consortium partners. The Joint Operating Agreement, among the partners
has also been signed on 31st January 2003
Contact Information
|
