ONGC and global petroleum major British Petroleum (BP) have tied up for carrying out seismic surveys in the Kutch basin of Gujarat.
Collaboration for CBM and offshore blocks also likely
NEW DELHI: Oil and Natural Gas Corporation Ltd (ONGC) and global petroleum major British Petroleum (BP) have tied up for carrying out seismic surveys in the Kutch basin of Gujarat. The two companies would also collaborate in the area of coal bed methane (CBM).
Chances of finding oil and gas in the Kutch basin are considered high since oil discoveries have been made in the adjoining Potwar basin, falling in Pakistan. Potwar basin lies at the northern extremity of the Upper Indus Basin and is said to be the oldest producing basin in Pakistan. BP has done successful studies in the area.
BP-ONGC would be carrying out initial surveys.
ONGC's director (exploration) DK Pande said, "The survey will cover onshore, shallow and deepwater areas."
He said once the prospects are established, the two companies could apply for permission from the government to start exploration.
The nature of permission would depend upon where the surveys point towards presence of oil and gas. "We could apply for open acreage licence or take BP as a partner in case it is a block under the New Exploration and Licensing Policy (NELP), or approach government for permission if the prospects are good in a pre-NELP block," he said.
Pande and BP's president, Middle East and South Asia, Steve Peacock signed a memorandum of understanding on Friday.
DNA Money had earlier reported that a decision of the Empowered Committee of Secretaries, in case any lead about oil and gas is found during the technical study, ONGC would be required to seek government approval for inviting bids for exploration, development and production in GK-DW-1 block in the basin on a competitive basis.
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