Essar Oil and Gas Exploration and Production would invest an additional Rs 2,000 crore to increase the number of wells and ramp up the production of coal bed methane (CBM) gas in the next 2-3 years. In order to develop its Raniganj
CBM block in West Bengal, the business, which has already dug 348 wells, has committed more than Rs 5,000 crore. With the investments, the company's coal seam block in West Bengal will be able to produce more gas, which will contribute around 5% of all the gas produced in India. A portion of the funding would go towards R&D projects involving eCBM microbial technologies, including hydro-fracking, radial drilling, and microbial treatments, among others.
In the upcoming 18 to 24 months, the company will begin drilling new wells in order to increase production to roughly 3 mscmd.CEO Pankaj Kalra stated, "The investment in Microbial eCBM technology indicates our commitment to improve output and reserves base. Essar Oil has a resource base of 12 trillion cubic feet CBM and shale gas resources. Essar Oil primarily concentrates on unconventional hydrocarbons.
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