The independent reserve engineers, Advance Resources International, Inc. has assessed original-gas-in-place (OGIP) of up to 9.25 trillion cubic feet (tcf) in the block, including estimated shale gas resource of 6.63 tcf and 2.62 tcf of CBM.
"We are delighted to report the significant uplift in the OGIP for our Raniganj (South) block of up to 9.25 tcf, with an undiscounted value of $13.78 billion and a discounted value of $4.31 billion," company's Managing Director and CEO Prashant Modi said.
He said the company believes the shale gas resources can be explored and developed cost-effectively in tandem with the ongoing CBM development programme through the sharing of surface and other infrastructure facilities.
"We are currently planning the initial exploration programme for exploiting shale in our block. This is an opportunity for us to leap to the next level in the unconventional energy space. We continue to be confident and excited about the future of our Raniganj (South) block," he said.
The company is currently producing gas at the block covering 210 sq. km and it has second licence for the Mannargudi block in Tamil Nadu, which covers 667 sq. km with 0.98 tcf of OGIP.
According to the company, the centre has permitted exploration and exploitation of all types of hydrocarbons including shale resources under the existing CBM contracts.
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