Essar Oil Announces Increase in Gas Reserves and Resources at Raniganj
OREANDA-NEWS. January 23, 2012. Essar Oil Ltd, a subsidiary of Essar Energy, today announced that the independently verified proven and probable reserves and best estimate
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 (
This compares with the previous evaluation in December 2009 which showed 201bcf gross, or 34mmboe, of
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
Current production at Raniganj is around 22,000 standard cubic metres of gas per day, reduced to minimise flaring while test sales through a
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
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