On better prospects, oil firms want longer leases

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SummaryWith 8 big finds in just 1 year, firms need more time for extraction.

invest about Rs 5,000 crore in its Barmer block over the next three years as part of its IBDP , approved recently. It hopes to ramp up oil production from the block to 500,000 barrels of oil per day (bopd) from the existing production of 200,000 bopd by the end of 2013-14.

Another medium-sized block in which the operator is seeking a PSC extension includes a field in Ravva where the lease runs out in 2019. The Ravva block has produced more than 257 million barrels of crude and sold 324 bcf of gas, more than double its initial estimates. It has the remaining gross proved and probable reserves and resources of 50 million barrels of oil equivalent as on March 31, 2013.

The smaller fields that for which operators are seeking extensions includes HOEC's Asjol field expiring on 2021, Oilex's Cambay field expiring in 2020 and Niko's Hazira field, which has a 2019 due date.

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