HPCL, GSPC discover oil in exploration blocks

New Delhi, July 9 (UNI) Hindustan Petroleum Corp Ltd (HPCL) in a venture with Gujarat State Petroleum Corporation Ltd (GSPC) and other partners have explored oil in exploration blocks in the western coast of the country.

HPCL along with GSPC, Geo Global Resources, Prize Petroleum Co Ltd and Jubilant Group have found oil reserves at an offshore block in the Cambay Basin, a company statement today said.

It is the first discovery by HPCL in their first exploration venture probed by exploratory drilling and marks first success in it's efforts towards vertical integration.

The discovery appears to be the part of a large structure which have significant reserves and need to be appraised and delineated further through exploratory drilling, the statement said.

The production rate may further improve after well stimulation hydrofacturing.

The discovery has already been acknowledged by Directorate General of Hydrocarbons.

UNI