Oil India Ltd (OIL) has set its eyes on the Cauvery Basin to start its first offshore exploration activity as an operator under the NELP regime. OIL is making an entry into this area after almost two decades. With this move OIL is set to expand its reach in exploration and production activities.
It plans to start the seismic work before the onset of monsoon (March-April 2011). The company has invited expression of interest for seismic contracts. The Block CY-OSN-2009/2 was won by OIL in NELP VIII. In the Block, ONGC is OIL's partner with 50 per cent stake.
OIL has 65 exploration and production blocks, of which 30 are NELP blocks. Of this, in 12, OIL is an operator. OIL is exploring the option of venturing into shale gas in its north-eastern region acreages given before the NELP regime.
Company Name | CMP |
---|---|
ONGC | 260.40 |
Oil India | 614.95 |
Jindal Drilling&Inds | 627.05 |
Hind Oil Exploration | 183.20 |
Deep Industries | 286.50 |
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