Essar Look Overseas For CBM Opportunities
Essar Oil is taking its search to acquire coal-bed methane gas blocks overseas. Presenting first quarter results, the company said that CBM was a big focus area for the group's exploration and production strategy.
While keen to farm-in to opportunities in India, Naresh Nayyar, managing director and CEO of Essar Oil, said that "two CBM blocks in Indonesia are on our radar."
Essar had India's largest CBM acreage with over 10 trillion cubic feet of reserves and resources spread across five blocks. Raniganj in West Bengal, Essar's first block under development, is producing about 30,000 standard cubic metres per day of gas.
Essar, together with Great Eastern Energy and Dart Energy is seeking to secure interests in ONGC's CBM blocks in Raniganj, Bokaro and Jharkhand.
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