Essar Oil and Gas Exploration and Production (EOGEPL) aims to account for 5 per cent of India’s cumulative gas production in the next five years, its Director Prashant Ruia said.
Ruia, who is also the Director of Essar Capital, emphasised that the group’s $3.6-billion investment underscores its commitment to low-carbon technologies, including construction of one of the world’s largest low carbon (blue hydrogen) plants and the world’s first green refinery.
“As India emerges as the world’s fastest-growing and third-largest economy, Essar is dedicated to fulfilling climate commitments and promoting green growth. At the forefront is EOGEPL, India’s foremost player in the CBM sector, currently responsible for nearly 65 per cent of the nation’s total production. EOGEPL is determined to raise its contribution to India’s overall gas output to 5 per cent in the coming five years,” Ruia told businessline on the sidelines of the India Energy Week (IEW).
EOGPL CEO Pankaj Kalra said, “Our team is consistently beating its estimates and delivering strong operating performance year on year, backed by ramp-up in gas production, and optimising and reducing internal consumption significantly. We remain committed to key priorities of field upgradation, bringing in new technologies enhancing production while optimising cost.”
He said that the current gas production is 0.9 million standard cubic meters per day (MSCMD), which is expected to grow to 2.2 MSCMD by FY25-end and further to 5.2 MSCMD by FY27 end.
EOGEPL has a resource base of 12 TCF (Trillion Cubic Feet) coal bed methane, or CBM, and shale gas resources. It has, so far, invested more than ₹5,000 crore in exploration and commercial development of the Raniganj CBM Block.
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It currently operates around 350 wells in the block and has adopted technology and stimulation techniques including re-fracs, microbial treatment and well automation to enhance gas production from the existing wells.
Green energy transition
Ruia said he is excited to be back at the IEW, where impactful dialogues are shaping a sustainable future.
“Privileged to be part of the round table chaired by the Prime Minister. His insightful vision is bound to get the global leaders to invest in the massive opportunity in energy transition that India offers,” he said.
Essar, Ruia said, is charting a new course towards sustainability.
In the transportation sector, Essar is spearheading initiatives to decarbonise heavy trucks through the development of LNG and electric ecosystems, he added.
Besides, a recent deal to develop a 1-Gigawatt (GW) green hydrogen project in Gujarat solidifies Essar’s position as a frontrunner in India’s energy transition, Ruia said.