UK-based Hardy Oil and Gas has received its first onshore exploration license in India, as part of a joint operating agreement with private-sector oil and gas firm Reliance Industries.
The block covers an area of approximately 5,754sqkm and is located north of the Brahmaputra River in northeast India. Hardy and Reliance have signed a joint operating agreement and the parties are in the process of finalizing the work program and budget for 2009.
The current proposed work program consists of the reprocessing of 1,020km of existing 2D seismic data and the acquisition of an additional 500km of 2D seismic.
Hardy holds a 10% participating interest in the block with the operator Reliance holding the remaining 90%. The Assam block is the Hardy’s first onshore license in India and its fourth exploration license held in partnership with Reliance.
Sastry Karra, Hardy’s CEO, said: We are pleased to report the growth in our exploration portfolio. The Assam block is located in a proven oil basin and enhances the long term exploration upside for the company. We are also delighted to expand our partnership with Reliance.