Hardy Oil & Gas Plc and partner Reliance Industries Ltd. may drill seven wells at two gas fields that could mark it as the largest in India with reserves estimated at as much as 20 trillion cubic feet.
The U.K.-based explorer specializing in South Asia and Nigeria and Reliance Industries are currently drilling one well in the KG-D3 block and may drill another three wells next year, Chief Executive Officer Perayya Sastry Karra said in an interview in New Delhi today. They also plan to drill three wells in the KG-D9 block after abandoning one that showed “poor” reservoir sands, the company said in October.
“We went after the biggest prize,” Karra said. “These fields are likely to be huge, and we will take a re-look at the possible reserves by March when we have completed more wells in the two blocks.”
Hardy in May estimated that potential resources in the D3 and D9 fields may be as much as 9.5 trillion cubic feet and 10.8 trillion cubic feet, respectively, citing figures from consultant Gaffney, Cline & Associates Ltd. The forecast puts the two fields together at twice the size of India’s biggest, also operated by Reliance Industries, India’s most valuable company.
The two blocks located in the Krishna-Godavari basin may help Reliance, the operator and 90 percent owner of the two fields, boost income from selling natural gas in the world’s second fastest-growing major economy, where availability of the fuel is half the amount needed to run power, chemical and fertilizer plants.
Source: http://www.bloomberg.com/apps/news?pid=20601091&sid=aJHeaA_dtmD4
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