Oilex has been given the nod by the Indian government to acquire a 40% stakes in the Bhandut and Sabarmati production sharing contracts, as well as an extra 15% in the onshore Cambay field from Niko Resources.Bhandut has produced around 700,000 bbl of oil since 1993 and was producing 400 b/d in 2002 when formation damage happened during workover activity. Oilex will shoot 18sq km of 3D seismic over the block to fine tune its redevelopment plan for the field. The operator also plans to drill two wells in the fourth quarter of this year.
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