Essar Oil’s coal bed methane (CBM) blocks hold about 7 trillion cubic feet (tcf) of recoverable gas resources, more than double the previous estimate, which may be worth over $4 billion (Rs 18,241 crore) at current prices.

“Essar’s exploration and production business is set to become a major wealth creator for Essar Oil,” the company, which engaged independent consultants to assess reserves in the acreage it holds, said in a filing to the stock exchanges.

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