Cambay onland: GSPC to bring Tarapur-1 discovery area into production
from indianpetro.com
Now here is some good news... of course, GGR's 20% share will go to pay off carried interest but revenue is real money! I added some to my girlfriend's ROTH the other day at $1.04 so she should be happy.
June 10: The Gujarat State Petroleum Company (GSPC) is gearing up to bring the Tarapur-1 discovery -- located in the Cambay block CB-ON/2 -- to production shortly. Top company sources revealed to Indian Petro News on Wednesday (June 10, 2009) that as many as six wells in the Tarapur-1 discovery area are presently ready to begin production anytime over the next two months. The wells -- which include Tarapur 1, Tarapur P, Tarapur 5 (discovery wells) and TD-1, TD-2, TD-3 (producer wells) -- have been tied into oil tank storage facilities and production from these wells is likely to commence shortly, sources added.
=>The field development plan (FDP) for the Tarapur-1 discovery area was recently approved by the management committee (MC) of the onland block. Tarapur-1 is the first well in which hydrocarbons were found at CB-ON/2. GSPC struck oil in the exploratory well at the rate of 10 m3/day between 1,487 and 1,492 meter intervals. Till date the operator has completed a total of twenty-six wells in Cambay onland. Of these, twenty are exploration wells, three appraisal and three development wells.
=>To begin with, the operator is going to kick start production -- close to 1,300-1,500 barrels of oil per day (BOPD) -- from three oil wells in the onland block. In addition to oil, the operator is likely to produce more than 40,000 cubic metres of gas a day from Tarapur. In recent developments at Tarapur, ONGC exercised its option to acquire a participating interest of 30% in the development phase of operations. ONGC is the licensee of the block. GSPC has a 80% stake in the block. GeoGlobal Resources Ltd (GGR) carries the remaining 20% PI. By Sadiq Shaban Details indianpetro.com
Larry Chandler wroteabout an hour ago
facebook.com
$38M a year just in oil revenue at today's prices! Whoohoo!
Hopefully our gains with GGR will offset the higher price of gasoline we'll be paying.
You replied to Larry's post about an hour ago
that is about 10¢ a share revenue per year at that rate. Not bad considering we are at zero now.
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