India: PSC signed on Assam-Arakan basin block

An Oil India Ltd.-led group has signed the production sharing contract governing the AA-ONN-2010/2 block in northeastern India’s Assam-Arakan basin.

An Oil India Ltd.-led group has signed the production sharing contract governing the AA-ONN-2010/2 block in northeastern India’s Assam-Arakan basin.

The group will shoot 3D seismic over the entire 395 sq km block and drill two wells at an estimated cost of $2.8 million. The 3D data will be used to high-grade structural leads identified on 2D seismic. The acreage is considered oil-prone.

The basin has more than 100 discovered fields and produces an estimated 95,000 b/d of oil equivalent.

Block interests besides OIL are Oil & Natural Gas Corp. 30%, Gas Authority of India Ltd. 20%, and East West Petroleum Corp., Vancouver, BC, 10%.

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