India has confirmed the award of 100% stakes in two new onshore exploration blocks to Calgary-based GeoGlobal Resources under the seventh round of its New Exploration Licensing Policy, which closed in June.
‘GeoGlobal said in a statement that the adjacent exploration blocks VN-1 and VN-2 covered 3776 and 4908 square kilometres respectively on the eastern Vindhyan basin in Madhya Pradesh state. GeoGlobal will operate both blocks. It said minimum work programmes under Production Sharing Contracts for both blocks would span two phases over eight years, with the first phase covering five years. As part of the first phase of exploration, the company said it had committed to gravity and geomagnetic surveys, geochemical sampling and the shooting of 50 square kilometres of 3D seismic surveys on each block, as well as the sinking of two exploratory wells respectively to a depth of 1700 metres each. It will also reprocess 255 kilometres of 2D seismic on the VN-1 block and 340 kilometres on the VN-2 block over the next five years, the company said. GeoGlobal said it expected the PSCs to be signed on 22 December in New Delhi.