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Wednesday, June 16, 2010

Adani Welspun Exploration commences drilling of first well in Gujarat

Adani Enterprises has announced that Adani Welspun Exploration (AWEL), a joint venture between Adani Enterprises (65%) and Welspun Natural Resources Pvt Ltd (35%), has started exploratory drilling in the Palej block (Block-CB-ONN-2004/5; Palej, Gujarat) which was awarded to the company under NELP-VI round of bidding, The company has completed seismic data acquisition, it's processing and interpretation for this block. This drilling campaign further strengthens the commitment of Adani and Welspun groups to the oil & gas exploration & production business.

AWEL has 90% participating interest in Palej and Assam Blocks through its Group Companies, 100% participating interest in Mumbai Offshore block and two blocks in Thailand. It has mandate to operate exploration blocks in India and Thailand.

In addition to the above, AWEL has interest in one offshore exploration block in Egypt in consortium with Gujarat State Petroleum Corporation ( GSPC) in which AWEL has 40% non-operating participating interest.

AWEL has been awarded two offshore exploration blocks in Kutch offshore basin, as non-operator, in India with 20% and 30% participating interests.

The company made this announcement on 16 June 2010.

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