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Oil India Limited commences first ever seismic survey in the state of Tripura

Posted On: 2021-01-27 23:02:28 (Time Zone: Arizona, USA)

Oil India Limited (OIL), India's second largest National 'Navratna' E&P Company, in terms of total proved plus probable oil and natural gas reserves, has kick started its exploration and production operations by launching its first ever seismic survey in the North-Eastern state of Tripura.

The beginning of the year 2021 has ushered in yet another milestone for OIL INDIA LIMITED(OIL) with the commencement of seismic survey operations in the OALP-III block AA-ONHP-2018/5 on 17.01.2021. Geologically, the block lies in the Tripura-Cachar fold belt and is a border state of the country surrounded on all sides by the deltaic basin of Bangladesh except for a small part in north-east which adjoins the Cachar district of Assam and the state of Mizoram.

The block AA-ONHP-2018/5, located in the Santirbazar subdivision of South Tripura district in the southern part of the state, covers an area of 207.74 Sq Km and the committed work programme is to acquire 200 GLKM of 2D seismic & 185 Sq. Kms. of 3D seismic data and dri11 6 nos. of exploratory wells.

The RSC (Revenue Sharing Contract) between the Govt. of India and OIL for the Block was signed on 16.07.2019. Subsequently the State Government of Tripura had awarded the Petroleum Exploration License (PEL) on 16.10.2019. The logistics are challenging in this block and the OIL has chalked out extensive plans for seamless execution of its exploration campaign. While OIL will also be commencing execution of its field development plans in the neighbouring DSF block Tulamara, based on success in its exploration campaign the Company intends to carry further exploration activities in the State of Tripura to access more hydrocarbon resources in this gas prolific area.

Apart from consolidating its position in Northeast and Rajasthan, OIL has made conscious efforts to carry out exploration in Category II & III sedimentary basins in line with Government of India's thrust for exploration. This is in line with the vision of Hon'ble Prime Minister of Atmanirbhar Bharat by enhancing domestic exploration and production and reduce dependence on crude oil imports.

Shares of OIL INDIA LTD. was last trading in BSE at Rs.111.95 as compared to the previous close of Rs. 110.4. The total number of shares traded during the day was 46594 in over 750 trades.

The stock hit an intraday high of Rs. 112.55 and intraday low of 109.4. The net turnover during the day was Rs. 5172490.

Source: Equity Bulls

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