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India discovers huge gas reserve worth $100 bln
(Xinhua) -- India's Gujarat State Petroleum Corporation (GSPC) has discovered a huge gas reserve of more than 600 billion cubic meters of gas in the Krishna-Godavari Basin (Deendayal Block), announced Gujarat Chief Minister Narendra Modi on Thursday. "I wanted to go personally and congratulate the GSPC's team for their big breakthrough and I therefore came here with my cabinet ministers," Modi said. He was speaking through video conferencing from Andhra Pradesh's KG-22 basin to the media at the GSPC Bhavan. "Today our find at KG-22 is worth 100 billion U.S. dollars," he said. The GSPC team had slogged for three years in the middle of the sea digging over 6 km deep to find the gas reserve. "By god's grace the result has been satisfying. I congratulate all the team members," he said. The block covers an area of 1,850 sq km on the KG basin in Andhra Pradesh and GSPC as an operator has 80 percent participating interest. GSPC, which spent 470 million U.S. dollars on drilling 10 wells in a 120 sq km offshore area so far, plans to dig five more wells. It had began drilling in July 2004 after acquiring 3-D seismic data, he said. Posted by: Fred 2008-07-18 |
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