In a statement GSPC said, “Exploration well PK-2 encountered oil and under test condition the well flowed 1,000 barrels a day. We estimate five million barrels of oil could be recovered.”
“The well, the sixth by GSPC on the block, can produce 10,000 barrels per day in less than three years. The earlier five wells too had encountered oil and gas but the sixth well on a separate structure struck significant oil reserves,” it added.
GSPC holds a 60% stake in CB-ONN-2000/2. Gas Authority (India) Ltd holds the balance. The block covers an area of around 1,400 sq km.
