Oilex announces significant natural gas find in Cambay

Australian oil and gas explorer, Oilex Ltd, today announced a significant upgrade to its gas reserves. The company said its latest find of a huge natural gas discovery in Gujarat may hold over 1.5 trillion cubic feet of recoverable reserves.

In a press statement, the company said the Cambay Field may hold 853 billion cubic feet of Reserves Justified for Development in addition to another 720 bcf of Contingent Resources, which together offer recoverable reserves at 1.5 Tcf.

Oilex is a Perth-based AIM and ASX-listed company with main area of focus being India. It operates three onshore production sharing contracts on behalf of joint ventures with GSPC.

The Cambay Field contract area extends 161 sq km onshore in Gujarat and has thick, overpressured low permeability reservoirs in the Eocene section with the top of the Eocene at a depth of 1,400 metres to 1,700 metres below the surface.

Oilex operates the Cambay Field production sharing contract on behalf of its partner Gujarat State Petroleum Corporation (GSPC), which holds 55 per cent equity in the joint venture.

According to a statement on the company website, the reserves in the low permeability reservoirs were attributable to its 45 per cent net working interest in the field totaling 248 billion cubic feet (bcf) of natural gas and 11 million barrels (mmbbls) of condensate.