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Great Eastern Energy to invest INR 2,000 crore on Raniganj asset

Coal News - Published on Fri, 20 Jul 2018

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Economic Times reported that Great Eastern Energy Corporation Limited, a London Stock Exchange-listed Indian coal-bed methane producer, plans to invest INR 2,000 crore to complete drilling of the remaining 144 wells at its flagship Raniganj (South) license area located in West Bengal.

Mr Prashant Modi managing director and chief executive officer told ETEnergyWorld that “As of now, no drilling of wells is taking place. Our focus was to optimize the asset first, resulting in the increase in production in 2017-2018. We can commence drilling anytime we want to but we are waiting right now. We will make an announcement when we plan to commence drilling again.”

The company’s production from its Raniganj (South) license area last financial year ended March 2018 increased 19.5 % to 19.61 million standard cubic feet per day as compared to 16.41 mmscfd produced in the previous fiscal.

Mr Modi said that the company had already drilled 156 wells and the remaining ones could take around four years to drill from the date of commencement of work, adding the demand remained strong in the region.

The firm’s sale of coal-bed methane gas in the first two months of the first quarter ended June 2018 rose 43 % to 12.06 mmscfd.

Mr Modi said the company had over 30 customers and the increase in sales could be attributed to anchor customers buying more gas and new customers coming in the fold. GEECL’s cash profit increased 331 % to USD 11 million at the end of 2-17-18 due to increased sales and better price realisation.

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Posted By : Joykumar Irom on Fri, 20 Jul 2018
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