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Oil & Gas Exploration
Recognizing Oil and Gas as a potential growth segment, GVK entered into Oil and Gas exploration business in the year 2008 with seven deepwater offshore blocks awarded through international bidding under NELP (New Exploration Licensing Policy) of the Government of India.
GVK Partnered with BHP Billiton, one of the worlds diversified natural resources companies in the exploration of these oil blocks totaling 35000 sq km off the west coast of India, which includes 6 blocks in Bombay High and 1 block in Kerala.
GVK is currently interpreting the latest seismic data to move further in the direction of finding new hydrocarbon resources in these blocks to ensure growth and progress in this segment. GVK is actively involved in carrying out an extensive study of existing data, mapping new points, identifying qualified personnel etc. The major exploration work has been planned over the next two years, which includes mapping areas to gather new 3D seismic data in priority areas and to drill a few exploratory wells. A vessel has already begun to collect 2D seismic data and work is underway for 3D data acquisition.