Tarapur Block
CB-ON/2
Wells on Tarapur Block
| April 12, 2000 |
GSPC signed Production Sharing Contract (Pre-NELP) |
| November 23, 2000 |
Petroleum Exploration License issued |
| April 7, 2005 |
GGR signed Deed of Assumption and Assignment |
| August 24, 2006 |
Received GOI consent to Assignment |
| Area |
Approximately 1,211 sq. km. (299,245 acres). (Original area = 1,618 sq. km. (399,816 acres)) |
| GGR PI |
20% |
| Partners |
Gujarat State Petroleum Company = 80% (operator). (ONGC has the right to participate in the development of any commercial discovery by acquiring 30% participating interest which would reduce the GGR interest to 14%). |
| As at August 13, 2010, a total of 38 wells have been drilled on this block |
Block Commitments
Total wells to be drilled in all phases are 3 (1 + 2)
| (i) |
Reprocess and interpret 750 line km. of seismic data |
| (i) |
Drill 1 exploratory well to 3,000 meters or top of Deccan |
| (i) |
Drill 2 exploratory wells to 3,000 meters or top of Deccan |
| (i) |
Phase I – 25% (relinquished 407 sq.km) |
| (ii) |
Phase II – 25% |
| (iii) |
Phase III – 100% except for development and discovery areas |
Changes and Updates to Phase Work Commitments:
August 13, 2010
Currently, six wells under the Field Development Plan are tied into the oil tank storage facilities by way of a gathering system. There are ten additional wells in the Tarapur 1 Discovery Area which are drilled, tested and awaiting tie-in to the oil tank storage facilities. Further, there is one well (Tarapur G) awaiting completion of a new gas pipeline. GSPC as operator is currently in the process of preparing and filing the necessary declarations of commerciality and field development plans pursuant to the provisions of the PSC in conjunction with building the gas pipeline in order to bring these additional wells onto production.
July 16, 2009
Pursuant to the May 4, 2009 Management Committee Meeting, approval of the Tarapur 1 field development plan for six wells was received. An independent engineering report for those six wells states that GeoGlobal reports total proved developed non-producing oil reserves of 1.753 MMSTB (million stock tank barrels) at December 31, 2008. The Company's participating interest share of these proved reserves is 14% or 0.245 MMSTB.
June 16, 2009
Announced that production from three discovery wells (Tarapur 1, Tarapur P and Tarapur 5) commenced on different dates throughout May 2009.
May 4, 2009
The Management committee approved the Tarapur 1 field development plan which covers an area of approximately 2.14 sq. km. within the Tarapur 1 Discovery Area of approximately 9.7 sq. km. and includes three existing discovery wells (Tarapur 1, Tarapur P and Tarapur 5) and three development wells (TD-1, TD-2 and TD-3). Five of these wells are tied into the oil tank storage facilities by way of a gathering system and production is expected to commence during the second quarter of 2009.
February 19, 2009
GSPC submitted a further application for an additional extension of the exploration phase for eighteen months to May 22, 2010. This additional extension was submitted to enable a further exploration program of drilling five exploratory wells and the acquisition of 330 square kilometers of 3D seismic in a section of the block to the east of the Tarapur 1 Discovery Area which, we refer to as Tarapur East. As a condition to the grant of this extension, the consortium partners must provide, if the extension is granted, a 35% bank guarantee and a 30% cash payment as agreed non-refundable pre-estimated damages based on the cost of the additional work program. Further, GSPC stated it would relinquish approximately 347 square kilometers, thereby leaving approximately 866 square kilometers. This 866 square kilometer area includes retaining the 330 square kilometer Tarapur East area. The approval for this additional extension is pending.
October 3, 2008
Oil and Natural Gas Corporation Limited exercised this right with respect to a western portion of the Block referred to as the Tarapur 1 Discovery Area. The effect of acquiring this right is a reduction in the participating interests of GSPC and ourselves in the Tarapur 1 Discovery Area to 56% and 14% respectively. As to the remaining areas of the Tarapur Block, based on current negotiations between GSPC and Oil and Natural Gas Corporation Limited, we expect that the latter will be granted a right to a 10% participation in all future wells drilled on the remaining areas of the Tarapur Block during extensions of the exploration period of the PSC that have been or are granted in exchange for surrendering its right to back in for a 30% participating interest in the development of future commercial discoveries. This would result in the reduction of the participating interests of GSPC and ourselves on these remaining areas to 62% and 18% respectively.
October 4, 2007
GSPC submitted an application for an extension beyond Phase III for an additional 12 months (as per New Extension Policy) to November 22, 2008. This approval was granted on December 29, 2008.
2005
6 month extension of Phase II to November 22, 2005.
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