NEWS
GSPC plans to start drilling in Timor sea block next yr
Press Trust Of India
Mumbai, August 14: State-run Gujarat State Petroleum Corporation (GSPC) and Videocon Industries on Tuesday said drilling in a Timor Sea exploration block, where they hold 25 per cent stake each, will begin next year.
Videocon's share of exploratory expenditure would be $18.9 million, a company press release said.
Besides Videocon, GSPC, Bharat Petroleum and Oilex of Australia also have 25 per cent stake each in Block 103 in Joint Petroleum Development Area located in the Timor Sea between Australia and Timor-Leste.
PDA is within the Bonaparte Basin that is estimated to hold 23 trillion cubic feet of gas reserves. Videocon said a contract for 1,657 sq km of 3-D data acquisition has been awarded at an estimated cost of $18.6 million. About 1,055 sq km of reprocessed 3-D data to the north of the block has already been acquired, it added.
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