Videocon, BPCL strike natural gas in Mozambique block
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Videocon, BPCL strike natural gas in Mozambique block

Last Updated: Monday, April 22, 2013, 18:50
 
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Videocon, BPCL strike natural gas in Mozambique block
New Delhi: Videocon Industries and Bharat Petroleum Corp Ltd (BPCL) have reported a fourth huge natural gas discovery in an offshore Mozambique block, where they hold 10 percent stake each.

Videocon Hydrocarbon Holdings, a wholly owned subsidiary of Videocon Industries, and Bharat PetroResources Ltd, a unit of BPCL, said a new discovery has made in the offshore Area 1 of the Rovuma basin, the two firms said in almost identical but separate statements.

"The Orca-1 discovery well encountered approximately 190 net feet (58 meters) of natural gas pay in a Paleocene fan system," they said.

US energy firm Anadarko Petroleum Corp is the operator with 36.5 percent stake in Mozambique's offshore Area 1, which may hold as much as 70 Trillion cubic feet of gas resources.

Videocon and BPCL hold 10 percent stake each in the block where Japan's Mitsui & Co Ltd is the second-biggest stakeholder with a 20 percent interest.

Thai state oil company PTT Exploration and Production PCL has an 8.5 percent interest and Mozambique's state-owned ENH 15 percent.

"The Orca-1 exploration well was drilled to a total depth of approximately 16,391 feet, in water depths of 3,481 feet," the statements said.

Two major natural gas discoveries have so far been made in Offshore Area 1 of Mozambique's Rovuma Basin. The Prosperidade complex is estimated to hold between 17 and 30-plus Tcf of recoverable natural gas while separate and distinct Golfinho/Atum complex is estimated to hold 15-35 Tcf of recoverable natural gas resources.

Evaluation of a third discovery on the block, Tubarao, is ongoing with an appraisal well that is expected to be drilled this year.

The gas found in Offshore Area 1 is to be turned into liquefied natural gas (LNG) and shipped to markets like India. The plant in the Cabo Delgado province in northern Mozambique, is scheduled to start operating in 2018 with a capacity of 20 million tonnes of LNG per year.

The capacity will be split evenly between operators of Offshore Area-1 and Italian giant Eni, which is developing gas found in the neighbouring Offshore Area 4.

PTI



First Published: Monday, April 22, 2013, 18:24


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