Indian state-owned oil firm Gujarat State Petroleum Corporation (GSPC) has hit a dry hole in its Mediterranean Sea exploration lease after investing $52 million in the drilling operation. The operation came in the context of GSPC’s 2011-2012 exploration plan.
The N.HAPY-1X exploratory well was drilled using the N.P.RMNO rig to a depth of 8,957. Drilling was intended to for natural gas but the well was plugged and abandoned as a dry hole.
GSPC had decided to continue with oil and gas exploration plans in Egypt after sending a team to reassess the venture in January, following a funds crunch at the company. The Indian oil firm had originally secured access to five blocks in the Mediterranean in an open bid round in 2006.
GSPC operates in Egypt as well as Yemen, Indonesia, and Australia, in addition to its native India.