Essar Oil Reports Higher Gas Reserves And Resources At Raniganj CBM Block
Wednesday, 25 January 2012 | 00:00
Essar Oil Ltd., a subsidiary of Essar Energy, announced that the the independently verified proven and probable reserves and best estimate 2C contingent gas resources at its Raniganj coal bed methane or CBM exploration block in West Bengal had significantly increased.
The total proven and probable reserves (2P) at Raniganj, evaluated as at September 01, 2011, are 113 billion cubic feet (bcf) gross, or 18.8 million barrels of oil equivalent (mmboe), while best estimate contingent resources (2C) are 445 bcf gross, or 74.1 mmboe.
The company said this compared with the previous evaluation in December 2009, which showed 201 bcf gross, or 34 mmboe, of 2C resources.
The latest evaluation also shows that there also remains 297 bcf gross, or 49 mmboe, of best estimate prospective resources of gas at Raniganj.
Both evaluations were carried out by international consultants Netherland, Sewell & Associated, Inc.
Current production at Raniganj is around 22,000 standard cubic metres of gas per day, reduced to minimize flaring, while test sales through a 48 kilometre pipeline to the Durgapur industrial estate are continuing. Progress towards full commercial production is continuing and peak production is expected to be 3.5 million scm/day, the company said.
Raniganj is a block covering 500 square kilometres, in which Essar Oil has a 100 percent interest. Overall, Essar Oil has the largest acreage of CBM blocks in India, with a total of 10 cft of gas resources across five blocks.
At the BSE, Essar Oil shares are being traded at Rs.55.45, up by 3.55 percent from the previous close.
Source: RTT News