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Canoro begins oil sales from Assam field |
| Wednesday, 01 February , 2006, 09:29 |
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Kolkata: Canoro Resources Ltd, holding 60 per cent operating interest in Amguri field in Assam, announced first oil sales from the field to IndianOil's Guwahati refinery. Assam Co of India holds 40 per cent stake in Amguri. According to a release issued by Canoro, the company is targeting an initial production of 500 barrels per day from the field using Oil India Ltd's (OIL) infrastructure facilities. "Production is being limited at this level as Canoro is currently determining the optimum producing rates following the testing programme and installing permanent facilities on the block to eliminate unnecessary flaring of gas. Construction of pipeline infrastructure and the central facilities has already begun, with an anticipated completion in the second quarter 2006," the company said. | Read more Finance news.| Under the terms of the Amguri production sharing contract, Canoro's oil is to be sold at the same price as a basket of crude oils with similar characteristics and quality that are traded in the international market. Canoro is currently working with IOC to determine this basket of crude oils. Canoro is a Canada-based international oil and gas company operating in the Assam/Arakan basin of northeast India. Apart from Amguri the company is the operator with a 65 per cent working interest in the 1,445 square km AA-ON/7 exploration block. |
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