Vedanta announces Oil discovery in OALP-I Block RJ-ONHP-2017/1, Rajasthan, India

Vedanta Ltd has notified the Management Committee, DGH and Ministry of Petroleum and Natural Gas on February 21, 2022 of an Oil Discovery (named ‘Durga’) in its exploratory well WM-Basal DD Fan-1 drilled in OALP Block RJ-ONHP-2017/1 in Barmer District of Rajasthan. The approval of Management Committee has also been sought. The Block was awarded to the Company in October 2018 and is one of the 41 Blocks awarded to it in OALP-I round of bidding. The Company holds 100% participating interest in the block.

Durga-1 (earlier WM-Basal DD Fan-1) is the second well drilled in the Block RJ-ONHP-2017/1 to a depth of 2615m MDRT. This is the third hydrocarbon discovery notified by the Company under the OALP portfolio. During the drilling of the well, four hydrocarbon zones were encountered in the Dharvi Dungar (DD) formation of Late Paleocene to Early Eocene age.

Further evaluation is being carried out to assess potential commerciality of the discovery.

Shares of Vedanta Limited was last trading in BSE at Rs. 353.70 as compared to the previous close of Rs. 364.10. The total number of shares traded during the day was 316201 in over 6750 trades.

The stock hit an intraday high of Rs. 365.40 and intraday low of 353.00. The net turnover during the day was Rs. 113419719.00.

Source : Equity Bulls

Keywords

Vedanta INE205A01025 VEDL OilDiscovery DGH Durga Barmer Rajasthan