Chennai-based Invenire Energy on Monday, October 17, said its DSF III fields in Mumbai offshore can produce 110 million barrels of crude oil during the primary production term of 20 years.

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The three fields, namely B66, B154 and B203, are located in the prolific Mumbai offshore basin and have eight oil discoveries with in-place reserves of 344 million barrels of oil.

Bhuwan Gariya, Chief Technology Officer at Invenire Energy, said the three blocks are spread over an area of 2,604 square km and located in shallow water depths ranging from 30-82 meters.

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He said relative proximities of these fields offer significant synergies for low-cost production and early monetisation opportunity for the company.

Gariya said India is endowed with 26 sedimentary basins spread across 3.4 million square km. While 3.6 billion barrels of crude oil and 1 TCM of gas reserves have been established in just 0.5 million square km of acreage, what’s really appealing is the size of the yet-to-be-established prize which stands at 200 billion barrels of oil equivalent.

Manish Maheshwari, Chairman of Invenire Energy, said the company truly believes in India’s potential and ability to be atmanirbhar and this belief is reinforced in our strategic decision to further augment our portfolio of discovered assets by securing three fields in India's prolific Mumbai offshore basin.

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Invenire Energy is India's first private equity-backed energy focussed company participating in conventional and unconventional plays in South-East Asia and East Africa with gross recoverable reserves in excess of 250 million barrels of oil.

(Edited by : Shoma Bhattacharjee)

First Published:Oct 17, 2022 5:53 PM IST