Invenire Energy to invest $500mn in Indian CBM block
Noida-based Invenire Energy will invest $500mn over the next 10 years in its coalbed methane (CBM) block in the central Indian state of Madhya Pradesh, Press Trust of India quoted its chairman Manish Maheshwari as saying.
Invenire Petrodyne, a subsidiary of the company, signed the production sharing contract for the CBM block SP-ONHP(CBM)-2021/1 in September this year. The block holds an estimated 2 trillion ft3 of in-place resources. Invenire received a production licence this month, Press Trust reported.
"We plan to drill 350 wells in the first phase with a target to flow first gas in 2024," Maheshwari said. "The full cycle investment in CBM is likely to be of the order of $500 million over a 10-year period.”
The plateau production is expected to be achieved by 2025-2026.
The company is also looking to set up a floating LNG receipt facility on India’s west coast to meet the rising energy demand in the country, Maheshwari said, adding, imported gas can be the feedstock of the refinery, petrochemical plant and city gas network.