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FIRST GAS DISCOVERY UNDER NELP NAMED "ANNAPURNA"



New Delhi ~ July 5, 2001

Shri Ram Nailk Minister of Petroleum & Natural Gas at a simple ceremony held today christened the new gas discovery made by Cairn Energy in the Krishna Godavari Deepwater block KG-DWN-98/2 as "Annapurna". This discovery the very first from the 25 blocks awarded under first round of New Exploration Licensing Policy (NELP) has been made at a water depth of 1000 metres and a well depth of 2330 metres below the sea level. The well flowed gas at a combined stabilised rate of more than 2.3 million standard cubic metres per day (MMSCMD) through 64/64" choke. The initial estimate of gas is in the range of 21-28 billion cubic metres of dry gas (primarily methane gas).

This discovery augurs well as there is large demand of gas in Andhra Pradesh and nearby areas. The discovery also encourages further exploration of oil and gas in the area specially in KG basin.

It may be recalled that Cairn Energy has also primarily made 4 oil and gas discoveries christened "Lakshmi" Ambe Gauri and "Parvati" in the exploration block CB-OS/2 located in Cambay Offshore basin. Action for developing "Lakshmi" gas discovery is in an advanced stage and the first commercial gas production from this field is expected in 2002.

On this occasion Shri Naik informed the media persons that the NELP-II Production Sharing Contract will be signed on 17th July 2001 for 23 blocks for which bidding closed on 31.3.2001 i.e. within just about three and half months. This is a further improvement over NELP-I when it took about 8 months for signing Contracts from the bid closure.