EOGEPL has partnered with Sensia for digitalization
Essar Oil and Gas Exploration and Production Ltd (EOGEPL) plans to invest Rs.2,000 crore in the next 18 to 24 months on drilling 200 wells which will raise the company’s total CBM production for the country to 90% from the nearly 65% currently.
EOGEPL delivered a strong operational performance by doubling its gas production to over 0.84 million metric standard cubic meters per day (mmscmd) after the commissioning of Urja Ganga Pipeline with availability of 100% gas offtake further buoyed by continued tail winds in global gas prices.
EOGEPL is currently operating ~350 wells in the block and has taken up a systematic approach of well revival through adaptation of world class technology and stimulation techniques including re-fracs and close monitoring to enhance gas production from the existing wells.
The company is currently contributing Rs.150 crore to the state exchequer annually which is likely to go up to Rs.300 crore once production of CBM from Raniganj is ramped up
The company has roped in globally renowned service providers and technical consultants to roll out a phased growth program to achieve these objectives. The program includes drilling of new directional and horizontal wells, and expeditious development of the Deeper CBM Area of Raniganj block.
EOGEPL has partnered with Sensia for digitalization and remote operations in oil and gas fields, aiming to enhance efficiency and streamline processes in the industry
EOGEPL announced investments in microbial ECBM technology to boost coal bed methane (CBM) production, aiming to leverage innovative solutions for increased efficiency and extraction in the energy sector
EOGEPL maintains robust momentum to remain the leader in the unconventional space with a clear road map to double its CBM reserve base and increase production from the block to over 3 MMSCMD in the coming years.
The company is also working towards opening up new frontiers, one of them being Shale Gas exploration which will help the company consolidate its position as one of the largest Unconventional Hydrocarbon player in the region.
Pankaj Kalra, Chief Executive Officer, EOGEPL, said on 31 July 2023, “Our team is consistently beating its estimates and delivering strong operating performance year on year backed by ramp up in gas production, and by optimizing and reducing internal consumption significantly.
“The company remains committed to key priorities of field upgradation, bringing in new technologies enhancing production while optimizing cost.”
The company has reported its highest fiscal revenue of Rs.900 crores in FY23, projecting a growth of about 1.8 times compared to the previous year.
It has announced a record PAT of Rs.335 crores for year ending 31 March 2023, an increase by 1.6 times, and EBIDTA grew over 205% on a YoY basis to approximately Rs.700 crores.
During the 4QFY23 period, the company posted PAT of Rs.83 crores. It achieved a revenue of Rs.190 crores, showing a growth of over 23% on a YoY basis. The EBIDTA also grew by over 150% YoY, reaching Rs.140 crores.
EOGEPL is focused in the domain of Unconventional Hydrocarbons (UHC) having a resource base of 12 tcf (trillion cubic feet) CBM and shale gas resources. EOGEPL has so far invested in excess of Rs.5,000 crore in exploration and commercial development of the Raniganj CBM Block. Fiinews.com
