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New Delhi: Invenire Energy on Monday 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," the company said in a press release.

“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. Relative proximities of these fields offer significant synergies for low-cost production and early monetization opportunity for the company," said Bhuwan Gariya, Chief Technology Officer at Invenire Energy at the three-day GeoIndia Conference, which concluded on October 16, 2022.

He added that 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."

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, 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.

The Ministry emphasized that the erstwhile ‘no-go’ offshore areas with substantial resources have been opened for harnessing hydrocarbons.

“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 monetize 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," said Manish Maheshwari, Chairman, Invenire Energy.

ABOUT THE AUTHOR

Swati Luthra

Swati Luthra writes on climate change, water, environment and forest issues for Mint. A graduate in Psychology, Swati has been mapping India’s policy initiatives to help meet the pledges made at CoP-26 including achieving net-zero carbon emissions by 2070.
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