NAYARA ENERGY LTD 
By Essar Oil Ltd, a subsidiary of Essar Energy, today announced that the independently verified proven and probable reserves and best estimate 2C contingent gas resources at its Raniganj coal bed methane (CBM) 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 445bcf 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, Deputy Chairman-Essar Oil and CEO-Essar Energy, 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 Oil has a 100% interest.
Overall, Essar Oil has the largest acreage of CBM blocks in India, with a total of 10tcf of gas resources across five blocks.
--Ends--
Notes to editors:
Reserves:
Category | Gas reserves gross, in millions of cubic feet (MMCF) |
Total proved (1P) | 22,387.8 |
Probable | 90,737.8 |
Possible | 143,580.8 |
Unrisked contingent resources:
Category | Gas resources gross, in millions of cubic feet (MMCF) |
Low estimate (1C) | 160,604.3 |
Best estimate (2C) | 444,704.3 |
High estimate (3C) | 826,343.3 |
Prospective resources:
Category | Gas resources gross, in millions of cubic feet (MMCF) |
Low estimate | 114,973.7 |
Best estimate | 296,870.4 |
High estimate | 562,744.2 |
About Essar Oil
Essar Oil is a fully integrated oil & gas company of
international scale with strong presence across the
hydrocarbon value chain from exploration & production to
refining and oil retail. It has a global portfolio of onshore
and offshore oil & gas blocks, with about 2.1 billion barrels
of oil equivalent in reserves & resources. Essar Oil has over
300,000 bpsd (barrels per stream-day) of crude refining
capacity that is being expanded to 405,000 bpsd. There are
more than 1,600 Essar-branded oil retail outlets in various
parts of India.
About Essar Group
The Essar Group is a multinational conglomerate and a leading
player in the sectors of Steel, Energy, Infrastructure and
Services. With operations in more than 25 countries across
five continents, the Group employs 75,000 people, and has
revenues of USD 17 billion.
Media contacts:
Manish Kedia, Sr. VP, Corporate Affairs, Essar Group
Tel: +91 98197 30092, Email: manish.kedia@essar.com
Swastayan Roy, General Manager, Corporate Communications,
Essar Group
Tel: +91 98197 31561, Email: swastayan.roy@essar.com
Parikshit Kaul, General Manager, Corporate Communications
(New Delhi), Essar Group
Tel: +91 98735 70816, Email: parikshit.kaul@essar.com
Category
Gas reserves gross, in millions of cubic feet (MMCF)
Total proved (1P)
22,387.8
Probable
90,737.8
Possible
143,580.8
Category
Gas resources gross, in millions of cubic feet (MMCF)
Low estimate (1C)
160,604.3
Best estimate (2C)
444,704.3
High estimate (3C)
826,343.3
Category
Gas resources gross, in millions of cubic feet (MMCF)
Low estimate
114,973.7
Best estimate
296,870.4
High estimate
562,744.2
| distribué par | Ce noodl a été diffusé par Essar Oil Limited et initialement mise en ligne sur le site http://www.essar.com/oil&gas.htm. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-23 14:07:54 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
