Dubai: ONGC Videsh Ltd hopes to start drilling two exploratory wells at Najwat Najem, an area allotted to it by Qatar Petroleum, by the year-end, ONGC chairman Subir Raha said.
The OVL, an overseas arm of Oil and Natural Gas Corporation, has entered into an agreement with the QP to develop the oil base, spread over 120 sq km and located about 100 km from Doha.
The OVL team was engaged in the planning of the drilling work at the two wells, the location for which had already been identified.
It had also reprocessed the geophysical data obtained from two wells that were dug at the offshore acreage in the early 1970s. The data quality had improved very significantly.
Raha said that data revealed one well had indications of hydrocarbon but the other did not have. But these kinds of things keep happening in our business.
On the prospects for oil discovery, Raha said, "We would not have ventured out unless the Qatari offshore acreage was quite promising. The investments in drilling exploratory wells are very huge".
"I am optimistic of finding oil in these wells. But with all the science and technology at your disposal, you still need luck," Raha said, adding the OVL was fully complying with the contract it entered into with the QP. OVL operates in countries including Russia, Syria, Iraq, Sudan, Libya, Vietnam, Myanmar, Iran, Ivory Cost and Australia.
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