Project Profile
Value: US$250 million
Location: Cambay Basin, Gujarat, India
Production: 500-1,000 bopd per well (initial flow rates for the EPIII/IV area)
Gas station processing capacity: 15,000 barrels of oil per day and 3 million standard cubic metres of gas per day.
Reserves: unknown
Start-up Year: 2011
The most significant component of Oilex’s portfolio with the chance of generating significant revenue in the near term is in the Cambay Basin, Gujarat, India. Oilex has material interests of 40%-45% in three “brownfield” re-development projects (Cambay, Bhandut and Sabarmati fields). These fields are currently all producing small to moderate volumes of oil. The potential for improving the production rate from the existing wells and the scope for full scale redevelopment of the fields are encouraging given that the reservoir distribution is poorly understood and analogies nearby in the Cambay Basin are a fair basis for optimism. Step-out exploration potential particularly in the Cambay contract area is low risk and high reward with the demand for gas and oil in the main heavy industrial corridor of India remaining substantially in excess of domestic supply. Oilex plans initial flow rates of 500-1,000 bopd per well for the EPIII/IV area. In addition to drilling new development wells, a number of wells are being assessed for re-entry and completion at the MBS to fast-track daily oil production rates in the short term. Construction of a gas station is also proposed, which will have an installed capacity to process over 15,000 barrels of oil per day and 3 million standard cubic metres of gas per day.
Oilex is completing a detailed working plan to unlock the potential multi trillion cubic feet (Tcf) gas resource. The firm’s results to date support a vertical well targeting recovery of core from the Eocene siltstone (EP-IV or Y Zone) (June, 2016)
Operators:
Oilex Ltd: 45% interest
Gujarat State Petroleum Corporation Ltd (GSPC): 55% interest
Contractors:
BJ Services India: Casing and tubing
Black Pearl Drilling Services: Drilling contractor (Address unavailable and rig has now been demobilised)
Schlumberger: the fracture stimulation program for Cambay-77H