(FE)
Oilmax Energy, a privately-held oil and gas company, plans to spend more than $100 million in the next three years in order to expand its operations, the company’s founder, chairman and managing director Kapil Garg told FE. The company also expects its gas field in Duarmara, Assam, to begin production by September, thus adding to the domestic gas output of the country.
“In the next three years, we are looking to spend more than $100 million as capex. So, for the current expansion plans as of now, we are fully funded,” said Garg. Other than Duarmara, the company owns two more fields in Assam – Amguri and Tiphuk. The Tiphuk field already has some wells and the company aims to start testing these by the end of the month.
“We have applied for regulatory permissions and are hoping that we can start testing these wells towards the end of this month,” Garg said. “If the tests are successful, we can just start production in about six months.”
At present, the company’s Amguri field produces 250,000 cubic meters of gas per day, which can go up to 750,000 cubic meters a day, while the Duarmara field produces 1 million cubic meters of gas per day. The Amguri field also produces 500 barrels a day of condensates (a crude oil-like liquid that comes out of the ground along with the gas). “Tiphuk is at a very early stage but in phase 1, we anticipate it should be able to produce 0.1 cubic meters of gas per day,” Garg said.
