The India Daily quoted a press release by state-owned GAIL that said a consortium comprising itself, Oilex, Videocon Industries Limited and refiners Hindustan Petroleum and Bharat Petroleum successfully bid $30 million for Block 56 in Oman.
The work program will involve drilling 11 wells and reprocessing 2D and 3D seismic.
Oilex, GAIL, and Videocon each have a 25% participating interest in the block. Oilex will also act as permit operator.
Covering 5809 square kilometres, Block 56 is located in the onshore South Oman salt basin, which produces about 700,000 barrels of oil per day.
The block, which contains numerous potential oil bearing structures, contains a potential 100-160 million barrels of recoverable oil reserves.
In related news, India’s Business Standard newspaper reported that Oilex and Videocon would jointly bid for oil and gas blocks under the Indian government’s latest NELP bidding round.
Earlier this month, Videocon and state-owned Gujarat State Petroleum joined Oilex to farm-in to Great Artesian's Otway Basin permit EPP 27.
Under the sixth NELP round, the government is offering 55 oil and gas exploration blocks, in addition to 10 coal seam methane blocks.
The newspaper, quoting industry sources, said Oilex and Videocon would also jointly bid for most of the CSM blocks.
