The oil has been discovered, which is estimated to be the biggest onland discovery in 2014, in the first well drilled on the CB-ONN-2009/8 block in Gujarat’s Cambay basin.
Since July 2013, Jay Polychem had drilled two wells and identified huge oil pay zones in both the wells, according to sources.
The Kharenti-A well oil discovery has been reported to the upstream regulator, the Directorate General of Hydrocarbons (DGH), reports Press Trust of India (PTI).
Jay Polychem (India) holds 87% interest in the block CB-ONN-2009/8 while the remaining is owned by Jay Polychem Pte.
Extending from Surat in the south to Sanchor in the north, the Cambay basin covers approximately 59,000km² and comprises a hydrocarbon resource of more than 15 billion barrels.
The Kharenti-A has been drilled to a total depth of 858m and encountered significant oil shows of Olpad Formation in July 2013, sources said while recent testing resulted in oil discovery in three zones.
The oil samples’ initial analysis determines the existence of oil of API 14.
The company will now use advanced technologies to determine and begin production on commercial basis from the Khrentie field.
