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    Oilex updates reserves at Cambay field in India

Summary

Oilex’s participating interest in the reserves and resources has increased from 45% to 100% following its purchase of GSPC’s share of the project.

by: Shardul Sharma

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Oilex updates reserves at Cambay field in India

Australia’s Oilex has updated the gas and condensate reserves at Cambay field in India following its purchase of Gujarat state-owned GSPC’s share of the project, the company said on May 27.

A review of the company’s net reserve and resource position in the Cambay production sharing contract by an independent reserves auditor has resulted in the return of 206bn ft3 of gas and 8mn barrels of condensate to the 2P reserves category from contingent resources. Oilex’s participating interest in the reserves and resources has increased from 45% to 100% following its purchase of GSPC’s share of the project.

The company recently restarted production and gas sales at the Cambay field in the Indian state of Gujarat. Oilex had been in dispute with GSPC over ownership. In April 2021, the two parties settled the matter and in June Oilex executed a binding agreement to acquire GSPC’s 55% interest in the Cambay field, providing the company with a 100% working interest in the Cambay concession. The company in December received the final court order regarding the dispute.

“The return of the volumes from contingent resource to reserve classification and the increase in overall volumes reflect the very significant and positive advances made by the Company over the last 12 months,” Oilex CEO Roland Wessel said.

The current efforts to re-frac the C-77H well and increase production levels are on schedule and it is expected that equipment will be mobilised to the Cambay field in June with the re-frac flow back testing scheduled for July, the company said.