Petrochemicals distribution firm Jay Polychem (India) has discovered oil near Ahmedabad in Gujarat’s Cambay basin.
The oil has been discovered in the initial well drilled on the CB-ONN-2009/8 block in Cambay basin.
Jay Polychem had drilled two wells since July 2013 and identified huge oil pay zones in both the wells.
The company owns 87% stake in the block CB-ONN-2009/8 and the rest of the stake is held by Jay Polychem Pte.
Jay Polychem said that the discovery of an oil column in the initial well in CB-ONN-2009/8 is encouraging for the ongoing prospectivity of the block.
The company said the discovery enhances their understanding of the Olpad Play which extends over the entire block and establishes hydrocarbon potential of the various prospects in the block.
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By GlobalDataThe Cambay basin, which extends from Surat in the south to Sanchor in the north, covers about 59,000km² and features a hydrocarbon resource of over 15 billion barrels.
Jay Polychem secured the block in the eighth round of bidding under New Exploration Licensing Policy.
The 136km² CB-ONN-2009/8 was among the 13 onland blocks, eight deepwater and 11 shallow water areas that were awarded in 2010.
Jay plans to drill five additional wells by the next quarter and site for the new wells has already been acquired and with development continuing.
