Gulf Oil and Gas accountACCOUNT

Increase in Gas Reserves & Resources at Raniganj CBM

Source: www.gulfoilandgas.com 1/23/2012, Location: Asia

Essar Energy plc, the India-focused integrated energy company, announced that the independently verified proven and probable reserves and best estimate 2C contingent gas resources at its Raniganj coal bed methane exploration block in West Bengal have been significantly increased.

The total proven and probable reserves (2P) at Raniganj, evaluated as at 1 September 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 74.1mmboe.

This compares with the previous evaluation in December 2009 which showed 201bcf gross, or 34mmboe, of 2C resources.

Both evaluations were carried out by international consultants Netherland, Sewell & Associates, Inc. (NSAI).

The latest evaluation also shows that there also remains 297bcf gross, or 49mmboe, of best estimate prospective resources of gas at Raniganj.

Naresh Nayyar, Essar Energy chief executive officer, said: “This revised evaluation of gas resources at Raniganj underlines the potential of this block. Gas is in short supply in India but will be an increasingly important fuel and we are well placed to capitalise on that.”

Current production at Raniganj is around 22,000 standard cubic metres of gas per day, reduced to minimise 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. Raniganj is a block covering 500 square kilometres in which Essar Energy has a 100% interest.

Overall, Essar Energy has the largest acreage of coal bed methane blocks in India, with a total of 10 trillion cubic feet of gas resources across five blocks.

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Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

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