Mumbai, Aug 23 (IBNS) Reliance Industries Limited (RIL) and BP on Friday announced a new gas condensate discovery off the east coast of India in the Cauvery basin.
The discovery, in the deepwater block CY-DWN-2001/2 (CYD5), is situated 62 kilometers from the coast in the Cauvery Basin and is the second gas discovery in the block.
RIL is the operator with 70% equity and BP has a 30% share. Well CYIIID5-S1 was drilled in a water depth of 1,743 meters, to a total depth of 5,731 meters, with the primary objective of exploring Mesozoic-aged reservoirs.
Preliminary evaluation of well data and fluid samples indicated presence of gas condensate in the reservoir interval with a gross column of 143 meters.
The well reached its total depth in early August and RIL, as operator, has conducted drill stem test ("DST") to evaluate the potential of the discovery.
The well which had the initial reservoir pressure of 8000 psi flowed gas at the rate of 35.2 million standard cubic feet per day with condensate at the rate of 413 barrels per day through 52/64" choke during DST.
Well flow rates during such tests are limited by the rig and well test equipment configuration.
The Government of India (GoI) and Directorate General of Hydrocarbons have been notified of the discovery, named D-56.
With its many investments in India and employing over 8,500 people in the oil, gas, lubricants and petrochemicals businesses, BP has the largest presence among all international oil companies present in India.
Reliance Industries Limited (RIL) is India's largest private sector company on all major financial parameters with a turnover of INR 371,119 crore (US$ 68.4 billion), cash profit of INR 30,505 crore (US$ 5.6 billion) and net profit of INR 21,003 crore (US$ 3.9 billion) as of March 31, 2013.