Capex Data
Essar Oil Ltd plans to invest around $140 million over the next four years exploring for oil and gas in its assets acquired overseas.
Most of the investment will be in the company's Vietnam block and the two newly-acquired offshore blocks in Australia. The company proposes to invest $60 million in the gas-bearing offshore block 114 in Vietnam's Song Hong basin and $65 million in the two shallow-water blocks in Bonaparte basin in northern Australia. The Vietnam block was awarded to Essar Exploration & Production Ltd, a subsidiary of Essar Oil, in 2008 under a licensing round. The block covers around 5,925 sq km and is located at water depth of 60-70 m, with early estimates indicating reserves of 2-3 trillion cubic feet natural gas.
The company plans to invest another $15 million on scouting for oil and gas in its three onshore blocks covering 30,000 sq km in the Morondava basin of Madagascar.
Essar Exploration also plans to launch drilling operations in their three onshore blocks in the Morondava basin of Madagascar. These blocks are estimated to hold in-place oil reserves of around 1 billion barrels and company has recently completed acquisition of 12,000-line km of aeromagnetic surveys.
Future Plans
No data yet.