GEECL Upgrades Reserves at India CBM Block

India focused coal bed methane player Great Eastern Energy Corporation Limited (GEECL) has announced an increase in its reserve numbers at the Raniganj (South) Block.

According to GEECL, Original-Gas-In-Place (OGIP) increased 1.70% to 2.44 TCF (from 2.40 TCF as at February 2013). Proved reserves (1P) increased 45.40% to 77.90 BCF (from 53.60 BCF as at February 2013), Proved, and Probable reserves (2P) increased 34% to 186.70 BCF (from 139.30 BCF as at February 2013) and Proved, Probable, and Possible reserves (3P) increased 4.60% to 289.60 BCF (from 276.80 BCF as at February 2013).

“Some of the contingent resources have been upgraded to 3P with the development of the block. Part of the 3P reserves were upgraded to 2P, and part of the 2P reserves were further upgraded to 1P, since the wells coming on production are largely located within the area of the existing 3P reserves,” GEECL said in a statement Thursday.

Based on additional production data and further exploration carried out in the southern portion of the Block, all previously classified Prospective Resources were upgraded to Contingent Resources, the company added. Furthermore, part of the 3C resources were upgraded to 2C, and part of the 2C resources were upgraded to 1C.

"This OGIP, resource, and reserves upgrade is further confirmation of the resource potential of the Raniganj (South) Block. Continued interest from major new industrial customers also reaffirms the attractive supply/demand balance for gas in India, which we are well positioned to deliver," Prashant Modi, President and COO of Great Eastern said.

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