Ruia brothers-owned Essar Oil and Gas Exploration and Production (EOGEPL) is planning to exploit prospective 7.7 Trillion Cubic Feet (Tcf) of shale resources from its flagship Raniganj East block at a cost of $1 billion, Chief Executive Officer Vilas Tawde told ETEnergyworld.
US-based Advance Resources International (ARI) had earlier conducted a field study and has projected shale resource potential of around 7.7 TCF in the area, Tawde said. “We have already applied for Environment Clearance (EC) to drill around 20 wells as part of our exploration plan.
We are also awaiting the mining lease to be amended at the state government level post which we can initiate work on the ground, which should approximately start in the first quarter of 2020,” Tawde said in an exclusive interview. He also added that exploration work alone would cost around $30 million. Read More