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Videocon to start drilling ops in Timor block next yrPress Trust of India / Mumbai August 14, 2007 Videocon Industries today said drilling in a Timor Sea exploration block, where it holds 25% stake, will begin next year. Videocon's share of exploratory expenditure would be $18.9 million, a company press release said. Besides Videocon, Gujarat State Petroleum Corp, Bharat Petroleum and Oilex of Australia also have 25% stake each in Block 103 in the Joint Petroleum Development Area (JPDA) located in the Timor Sea, between Australia and Timor-Leste. JPDA is within the Bonaparte Basin that is estimated to hold 23 trillion cubic feet of gas reserves. Videocon said a contract for 1,657 sq km of 3-D data acquisition has been awarded at the afore said price. About 1,055 sq km of reprocessed 3-D data to the north of the block has already been acquired, it added. |
The Timor-Leste Institute for Development Monitoring and Analysis (La’o Hamutuk) |