HYDERABAD, India, November 13, 2018 /PRNewswire/ --
Bagged two mega off-shore oil fields
Megha Engineering Infrastructure Ltd. (MEIL) has bagged two mega off-shore oil fields in Gujarat and Assam. The Cabinet Committee on Economic Affairs has approved Discovered Small Field (DSF) 31 fields to the competitive bidders. MEIL has bagged two of them in highly competitive bidding.
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"Megha Engineering and Infrastructure Ltd., has acquired these projects, one at Khambel in Gujarat and another at Lakshmi Zen Oil Fields in Assam. We are planning to start the production in these fields by 2020," P. Rajesh Reddy, Associate Vice President (Hydro Carbons), MEIL, said. Under the award agreement with the Director-General, Hydrocarbons, MEIL will develop, maintain and commercialize operations. Khambel Oil Field is in Khambe Basin located at West Coast of Gujarat and Lakshmi Zen Oil Field is in North Eastern Arcan Basin in Assam. The plan is to complete drilling of wells by end of 2018 and start the commercial operations by 2020.
MEIL will invest about $100 million, to be raised from internal accruals, in the coming two years. "Our initial plan is to complete drilling of three wells in a phased manner in Khambel Oil Field. We have also got required permissions from the Assam Government for exploration works in Lakshmi Zen Oil Field," P. Rajesh Reddy said.
Apart from drilling wells for Crude Oil exploration, MEIL is also planning to establish required Treatment and Effluent Plants for purifying Oil and Gas in these two oil fields. It would transport and sell this purified oil and gas to public sector companies like IOC, BPCL, GAIL, GSPL, SR CGD companies and other related industries. "We have an estimation that Khambel Oil Field, located in Pathan District in Gujarat, would provide us life-time production; our target is to produce 3.70 lakh Barrels (BBLS) of Crude Oil and 1.3 lakhs Cubic Meters of Gas every day from this Oil Field," Reddy disclosed. This oil field is 56 Kms away from North Santhal Central Bank Forum (CTF) in ONGC area.
According to the estimates of Director General, Hydro Carbons (DGH), plenty of resources are available for exploration on a commercial basis in Khambel Oil Field in Khambe Basin and Lakshmi Zen Oil Field in Assam. As per the new national policy of licensing for oil and gas exploration, the government has selected some oil fields to encourage private sector companies. In this process, MEIL has acquired these two important oil fields. Subsequently, it has started operations in these fields with its own funds and own engineering capacities.
About MEIL
MEIL has proven experience in mega projects, has an overseas presence in prestigious refinery projects in countries like Kuwait, Jordan, Bangladesh and Singapore. MEIL is known for its timely execution of mega projects with highest quality standards, particularly related to creating infrastructure for establishing raw processing units, compressor plants; gas-based captive power plants etc. MEIL Hydro Carbons division's Engineering Technical Team is using sophisticated modern technology for fabrications, installations, and hook up operations.
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