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Essar Oil’s reserves from Raniganj CBM block increases

24 Jan 2012 Evaluate

Subsidiary of Essar Energy -- Essar Oil’s independently verified proven and probable (2P) reserves and best estimate (2C) contingent gas resources at its Raniganj coal bed methane (CBM) exploration block in West Bengal have been significantly increased. Essar Oil has 100 percent interest in the block.

The total proven and probable reserves (2P) at Raniganj, evaluated as on September 1, 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 297 bcf gross or 49 mmboe of best estimate prospective resources of gas at Raniganj.

Current production at Raniganj is around 22,000 standard cubic metres of gas per day (0.022 million standard cubic metre a day) -- as against an estimated peak production of 3.5 million standard cubic metre a day.

Peers
Company Name CMP
Reliance Industries 1435.70
Indian Oil Corp. 144.70
BPCL 302.85
HPCL 387.00
MRPL 167.90
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