Videcon unit in Timor Sea Designated Authority

New Delhi, Nov 17: Videocon Industries today announced that its global subsidiary has entered into a production sharing contract with Timor Sea Designated Authority along with its equal joint venture partners, for a block in the Bonaparte Basin.

The consortium consisting of Australia-based Oilex, Gujarat State Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd, has agreed to complete a guaranteed work programme of acquiring 1006 line kms of 2D seismic and 1020 sq kms of 3D seismic and drill four wells in the first phase of three years.

The risked reserves in the JPDA Block # 06-103 are estimated at 47 million barrels of oil/oil equivalent.

UNI