Essar bags exploration and production block in Vietnam

March 4th, 2008 - 5:01 pm ICT by admin  

Mumbai, March 4 (IANS) Essar Exploration & Production Ltd (EEPL), Mauritius, a subsidiary of oil major Essar Oil, has been awarded an offshore block in Vietnam’s Song Hong basin. The block was offered under the recent licensing round offering of seven offshore blocks.

The exploration phase is estimated to last five years and the investment for this programme will be approximately $60 million.

The minimum work programme for the block envisages detailed geological and geophysical studies, reprocessing of selected existing seismic data, acquisition, processing and interpretation of fresh seismic data of 1,000 sq km, and drilling of two exploratory wells with 3,500 m target depth.

Essar Oil is also in the process of consolidating its exploration and production activities under its subsidiary EEPL.

In addition, Essar Oil will have eight oil and gas blocks and one coal bed methane block. This includes onshore blocks in Madagascar and an offshore block in Nigeria.

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