New Delhi, Mar 4: Essar Oil Ltd today said that through its Mauritius based subsidiary, Essar Exploration &Production Ltd it has bagged an offshore block in the prolific Song Hong basin, Vietnam. Admeasuring 5925 km, the block was awarded under a recent licensing round where seven offshore blocks were on offer. It is a shallow water block with depth of 60-70 metres, the company said in a statement.
The minimum work program for the block envisages detailed geological and geophysical studies, reprocessing of selected existing 2D seismic data, acquisition, processing and interpretation of fresh 3D seismic of 1,000 km, and drilling of two exploratory wells with 3,500 m target depth. The exploration phase is estimated to last five years and the investment for this programme will be 60 million dollars, the statement added.