Adani Enterprises updates on gas discovery by JV in Mumbai offshore

Adani Enterprises on Thursday said that Adani Welspun Exploration has completed appraisal cum development of well in the B-9 contract area of Tapti-Daman Sector of Mumbai Off shore.

On 15 March 2021, Adani Enterprises had informed about the gas discovery in Mumbai Offshore's Tapti-Daman sector by Adani Welspun Exploration (AWEL), a joint venture company between Adani Group (65% shareholding) and Welspun Enterprises (35% shareholding). AWEL holds 100% participative interest (PI) and is the operator of this block. It is spread across 714.6 sq. km., the block is located in the gas-prone Tapti-Daman sector of Mumbai Offshore basin where production is already underway by another operator/other operators.

As of now, the company has completed an appraisal cum development of well in the B-9 contract area of Tapti-Daman sector of Mumbai offshore. This block was won by AWEL under the Discovered Small Field round DSF-1. B-9 field was discovered earlier by ONGC and three wells were drilled out of which two produced approx. 10 million cubic feet gas per day during testing. The B-9 field is adjacent to the AWEL block MB-OSN-2005/2 for which potential commercial viability was announced on 15 May 2021.

The reservoir has been cored and is being subjected to advanced studies to ascertain the potential of the reservoir and the field. The gas initially in place (GIIP) estimate is in the range of 85 billion cubic feet subject to completion of detailed study. With these two adjoining blocks being gas bearing with associated condensate and the potential GIIP being in the range of 600 billion cubic feet, AWEL plans to work on its field development plan as a cluster which should improve the commercial viability of both the blocks.

Adani Enterprises reported a 984.7% jump in consolidated net profit to Rs 209.13 crore in Q4 FY21 from Rs 19.28 crore in Q4 FY20. Net sales rose 0.7% year-on-year (Y-o-Y) to Rs 13,525.07 crore during the quarter.

Adani Enterprises (AEL) is the flagship company of Adani Group, one of India's largest business conglomerates. The company's business investments are centred on the fields of airport management, technology parks, roads, data centre and water infrastructure.

Shares of Adani Enterprises slipped 0.50% to Rs 1,602.40 on BSE. The stock hit an intraday low of Rs 1,591.10 and an intraday high of Rs 1,630.70 so far.

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