Invenire Energy, India’s first private equity-backed energy focused company, has announced that the three discovered fields, acquired by the company in DSF III Bid Round, hold the potential to conservatively produce 110 million barrels of oil during the 20-year primary production term. The three fields, namely B66, B154 and B203, are located in the prolific Mumbai Offshore Basin and have 8 oil discoveries with in-place reserves of 344 million barrels of oil.
Speaking at the three-day GeoIndia Conference, which concluded on October 16, Bhuwan Gariya, Chief Technology Officer at Invenire Energy said that the three blocks are spread over an area of 2,604 sq kms and located in the shallow water depths ranging from 30 to 82 meters. He added that relative proximities of these fields offer significant synergies for low-cost production and early monetization opportunity for the Company.
“India is endowed with 26 sedimentary basins spread across 3.4 million sq kms. Whilst 3.6 billion barrels of crude oil and 1 TCM of gas reserves have been established in just 0.5 million sq kms acreage, what’s really appealing is the size of the yet-to-be established prize which stands at 200 billion barrels of oil equivalent,” he said.
Participation by independent players like Invenire Energy reflects a renewed interest in the country’s upstream sector. Launch of Open Acreages, Discovered Fields, Coal Bed Methane and City Gas Distribution Rounds are real time opportunities for long-term investors across the globe to invest in India. Commenting on the recently acquired fields, Manish Maheshwari, Chairman, Invenire Energy said, “We truly believe in India’s potential & ability to be atmanirbhar and this belief is reinforced in our strategic decision to further augment our portfolio of discovered assets by securing three fields in India’s prolific Mumbai Offshore Basin”.
“To access and monetise India’s hydrocarbon potential, investment of capital – both talent and financial – is needed from enterprises – be it NOCs, IOCs, or independents. Indeed, independent oil and gas companies made a game changing contribution in rendering US not only energy secured but surplus,” he said.
Side steeping the world of incrementalism, the Ministry of Petroleum & Natural Gas and Directorate General of Hydrocarbons have ushered in transformative policy reforms. In the industry round-table on opportunities in India held in Houston on October 11, 2022, Hon’ble Minister of Petroleum and Natural Gas, Hardeep Singh Puri launched Mega Offshore OALP Bid Round-IX offering 23 blocks and covering almost 220,000 square kilometres. Super majors, majors and independent oil and gas companies attended this event wherein the Ministry emphasised that the erstwhile ‘no-go’ offshore areas with substantial resources have been opened for harnessing hydrocarbons.
Petroleum Secretary Pankaj Jain, while speaking in Houston, highlighted India as the destination of energy opportunities and said “India offers ease of doing business” and assured “an open-door policy to resolve any issue faced by the industry”. Seamlessly executing these measures of transformative policies in an ecosystem which is creative and innovative would help India stride towards the goal of energy security and independence.
