Indian CBM Explorer GEECL Reports 15% Rise in FY16 Production
Indian coal bed methane explorer Great Eastern Energy Corporation Limited has reported a 15% jump in production for the financial year that ended on March 31, 2016.
Output stood at to 14.79 mmscfd while average sales for the year were 8.60 mmscfd compared with 10.23 mmscfd during the last financial year.
At company's Raniganj (South) block a total of 156 wells have been drilled, are continuing to be dewatered and further optimized and the company believes this provides a substantial base for production growth. About 150 wells have been fracced which are currently producing and / or dewatering.
Decisive action has been taken to maximise production at Raniganj (South) block providing results and setting the scene for further upside, GEECL added. The company has planned 144 further wells planned to be drilled on the Raniganj (South) block which will take total wells on the Raniganj (South) block to 300.
GEECL said it will continue to pursue sales opportunities in the highly industrialised region of Asansol-Raniganj-Durgapur through its own dedicated pipeline network.
"We are continuing to make strong progress with our strategic goals of further optimising well production, planning second phases of drilling on the Raniganj (South) block and identifying new reserves, whilst maintaining our strong balance sheet. Our underlying consistent performance during the period and favourable market conditions gives us confidence for the future," Prashant Modi, Managing Director & CEO of GEECL, said.
Company’s only producing asset, the Raniganj (South) license area in the state of West Bengal, covers 210 sq. km, with 2.62 TCF of Gas-in-Place. The company's second asset is the Mannargudi license situated in the state of Tamil Nadu, which covers an area of 667 sq. km and 0.98 TCF Gas-in-Place. Production is yet to start at Mannargudi license.