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GAIL-GSPC strikes oil in Cambay basin - Gujarat

New Delhi, September 09, 2004

GAIL (India) Limited, in association with the Gujarat State Petroleum Corporation (GSPC), has struck oil in block CB-ONN-2000/1 located in the Cambay basin in Gujarat. The recoverable reserves, based on initial testing results, are estimated to be approximately 10 million barrels, with an upside potential of 50 million barrels.

GAIL and GSPC struck oil in the sixth well drilled in a 1,424 sq km block under a joint venture agreement.

A detailed geo-scientific study is currently being carried out for appraisal and commercialisation of the reserves.

GAIL plans to invest Rs 6 billion ($129.7 million) in exploration and production activities in the next three years.

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