In the Timor Sea, the Perth-based company has the exploration rights to Block 103, located in the northern part of the JPDA, following the award of the permit by the Timor Sea Designated Authority. Block 013, in which Oilex will act as operator, is immediately east of several significant oil and gas fields and discoveries.
The consortium comprises Oilex (operator with a 25% stake), integrated Indian energy company Gujarat State Petroleum Corporation (25%), listed Indian conglomerate Videocon Industries (25%) and major Indian refiner Bharat Petroleum (25%).
Oilex managing director Bruce McCarthy said Block 103 was rated the most prospective of the blocks on offer in the bid round that closed on May 26.
“This block is located immediately to the east of the Laminaria, Corallina, Kakatua, Kuda Tasi and Elang oil and gas fields and discoveries, and to the north of the Bayu-Undan gas condensate fields,” McCarthy said.
“The award of this block is consistent with our strategy of acquiring high quality exploration acreage in countries around the Indian Ocean rim in joint venture with our Indian alliance members and complements our existing exploration and development portfolio in India, Oman and Australia.”
The Timor Sea Designated Authority was created on April 2, 2003, pursuant to the Timor Sea Treaty. Its role is to administer the JPDA on behalf of the Timor-Leste and Australian Governments.
Meanwhile in the Carnarvon Basin, the Commonwealth-Western Australia Offshore Petroleum Joint Authority has awarded Oilex and its four Indian partners the rights to exploration permit WO5-11, located north of the Goodwyn/North Rankin gas fields and to the northeast of the Jansz-Io gas discoveries in the Exmouth Sub-basin.
In this case, the successful bidding group comprises Oilex (operator - 20%), Gujarat State Petroleum Corporation Ltd (20%), Videocon Industries Ltd (20%), Hindustan Petroleum Corporation Ltd (20%) and Bharat Petroleum Corporation Ltd (20%).
