Invenire Energy To Invest $500 Million In Madhya Pradesh Coal Block
NDTV
The revenue-sharing contract for the block, which is estimated to hold 2 trillion cubic feet of in-place resources, was signed in September. Invenire received a production licence this month.
Oil and gas explorer Invenire Energy will invest $500 million (about Rs 4,137 crore) over the next 10 years to produce gas from coal seams (CBM) in a block in Madhya Pradesh, its chairman Manish Maheshwari said.
Invenire Petrodyne Ltd (IPL), a subsidiary of the company, won a Coal Bed Methane (CBM) block SP-ONHP(CBM)-2021/1 in Madhya Pradesh.
The revenue-sharing contract for the block, which is estimated to hold 2 trillion cubic feet of in-place resources, was signed in September. Invenire received a production licence this month.
"We plan to drill 350 wells in the first phase with a target to flow first gas in 2024," he said.