Raniganj reserves upgraded
Great Eastern Energy Corporation Limited is planning exploring shale gas in its Raniganj (South) Block where resources have been upgraded by an engineering study.
The company is in coal bed methane (CBM) exploitation.
The Government has permitted exploration and exploitation of all types of hydrocarbons including shale resources under the existing CBM Contracts.
Prashant Modi, Managing Director & CEO of Great Eastern Energy Corp, said: “We are delighted to report this significant uplift in the gas in place for our Raniganj (South) block of up to 9.25 trillion cu ft, with an undiscounted value of US$13.78 billion and a discounted value of US$4.31 billion.
“We believe that the shale gas resources can be explored and developed cost-effectively in tandem with our successful ongoing CBM development program through the sharing of surface and other infrastructure facilities.
“We are currently planning the initial exploration program for exploiting shale in our block, and will make a further announcement in due course when we commence the same. This is a fantastic opportunity for us to leap to the next level in the unconventional energy space. We continue to be confident and excited about the future of our Raniganj (South) block.
“We commend the Government’s continuing transformational policies for the E&P sector; these will go a long way in attracting investments in the sector, thereby boosting India’s energy security and reducing our dependence on imports.” fiinews.com
