OIL energises its Q1 gas output 5%, sales 7.6%
15 Aug 2013 5:02 AM IST
National crude oil and natural gas exploration and production (E&P) company Oil India Ltd (OIL) achieved crude oil production of 0.903 mmt in the first quarter (April-June) of the current financial year (2013-14) compared to 0.946 mmt during the corresponding period of the previous fiscal. The energy multinational corporation's first quarter natural gas production stood at 657 mmscm, a 4.95 per cent increase from the figure of 626 mmscm in April-June 2012.
Its Q1 crude oil sales was 0.865 mmt against 0.935 mmt in Q1 of 2012-13 while natural gas sales increased by 7.63 per cent to 522 mmscm from 485 mmscm. The decline in crude output and sales was due to a series of bandhs and blockades from April to June, which disrupted its exploration and production operations.
In Libya Oil India Ltd has a 25 per cent PI in Area 95/ 96 where Sonatrach (with 50 per cent PI) is the operator and the rest 25 per cent is with IndianOil. Well no 1 was spudded in December 2012 and a discovery was made, with the well producing 3,050 bopd light oil (44.5 API). In the third well, too, OIL encountered 400 ft of gas pay in tight sand.
In Gabon, where OIL is the operator, it has made a discovery in the third well, at which it encountered two prospective zones. On testing of the second sand, the well produced oil and gas. This is OIL's first discovery as an overseas venture operator.
At Venezuela's Carababo Basin asset, OIL accelerated early production from the first development well started since 27 December, 2012. Current production from three wells is 1,800 bopd.
On 25 July, 2013, OIL and ONGC Videsh Ltd (OVL) signed a pact with Videocon Mauritius Energy Ltd to acquire 100 per cent in Videocon Mozambique Rovuma 1 Ltd, which holds 10 per cent participating interest in the Rovuma Area 1 offshore block in Mozambique, for $2.475 billion.
This investment has provided an early entry for Oil India Ltd into one of the world’s largest natural gas assets.
Its Q1 crude oil sales was 0.865 mmt against 0.935 mmt in Q1 of 2012-13 while natural gas sales increased by 7.63 per cent to 522 mmscm from 485 mmscm. The decline in crude output and sales was due to a series of bandhs and blockades from April to June, which disrupted its exploration and production operations.
In Libya Oil India Ltd has a 25 per cent PI in Area 95/ 96 where Sonatrach (with 50 per cent PI) is the operator and the rest 25 per cent is with IndianOil. Well no 1 was spudded in December 2012 and a discovery was made, with the well producing 3,050 bopd light oil (44.5 API). In the third well, too, OIL encountered 400 ft of gas pay in tight sand.
In Gabon, where OIL is the operator, it has made a discovery in the third well, at which it encountered two prospective zones. On testing of the second sand, the well produced oil and gas. This is OIL's first discovery as an overseas venture operator.
At Venezuela's Carababo Basin asset, OIL accelerated early production from the first development well started since 27 December, 2012. Current production from three wells is 1,800 bopd.
On 25 July, 2013, OIL and ONGC Videsh Ltd (OVL) signed a pact with Videocon Mauritius Energy Ltd to acquire 100 per cent in Videocon Mozambique Rovuma 1 Ltd, which holds 10 per cent participating interest in the Rovuma Area 1 offshore block in Mozambique, for $2.475 billion.
This investment has provided an early entry for Oil India Ltd into one of the world’s largest natural gas assets.
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