Oil India Reports Occurrence of Natural Gas in Andaman Shallow Offshore Block

Oil India Limited (OIL), a Maharatna Company under the Ministry of Petroleum & Natural Gas, is pleased to announce the reported occurrence of natural gas in its 2nd exploratory well Vijayapuram-2 (Loc. OAEA), drilled in the Offshore Andaman Block AN-OSHP-2018/1 under the Open Acreage Licensing Policy (OALP).

The preliminary analysis of gas samples collected during intermittent inflow of gas as part of initial production testing, has confirmed the presence of Natural Gas. Further gas isotope studies are being undertaken so as to understand the genesis of the gas. As per preliminary assessment, this could be a leading indicator of presence of source or migration pathway or accumulation of hydrocarbon, which will help in future Exploration and Drilling Strategy.

OIL is also undertaking additional testing of higher-up prospects to further evaluate the reported occurrence of Gas.

Given that this is the first reported occurrence of hydrocarbon during the ongoing exploration campaign in Andaman Shallow Offshore Block, we wish to keep our valued stakeholders informed.

Shares of Oil India Limited was last trading in BSE at Rs. 410.55 as compared to the previous close of Rs. 414.75. The total number of shares traded during the day was 57968 in over 2447 trades.

The stock hit an intraday high of Rs. 417.50 and intraday low of 407.55. The net turnover during the day was Rs. 23931100.00.

Source : Equity Bulls

Keywords

OilIndia INE274J01014 Exploration Production NaturalGas Andaman ShallowOffshoreBlock