Asian Energy Services acquires 50% participating interest in the Indrora Oil & Gas field

Forays into the upstream oil & gas production business with this acquisition

Asian Energy Services Limited (AESL), has recently received shareholders’ approval to proceed with the acquisition of 50% Participating Interest (PI) in Indrora, an Oil & Gas field situated in Gandhinagar, Gujarat from Oilmax Energy Private Limited (OEPL). AESL has initiated the process of obtaining all the requisite permissions and approvals from the Government of India to complete the PI acquisition. Oilmax Energy is the parent company of Asian Energy with a 61.25% equity holding in Asian Energy.

AESL, with this acquisition, has marked its entry into the upstream Oil and Gas Production business thereby expanding its gambit of capabilities across the entire upstream value chain. The addition of the upstream oil & gas production vertical will help AESL improve its cash flow visibility and further diversify its cash flows from its existing seismic, oilfield O&M, and infrastructure services verticals.

Kapil Garg, Founder, Chairman & Director, Oilmax Energy, and Director, Asian Energy Services, said, “We have already achieved better than anticipated results at Indrora in less than 3 weeks, and not just in terms of production. We are already seeing evidence of many promising untapped zones and upsides in the field. We anticipate being able to keep the momentum and scale up the production to over 300 BOEPD by the end of the calendar year. The Indrora field has the potential to reach an average of 700 BOEPD plus in the near future with the use of advanced production and reservoir management methods, as well as innovative drilling and intervention techniques. We want to establish Indrora as a case study to demonstrate that the focus and ingenuity of private operators can allow similarly languishing marginal fields to get a new lease of life and improve their production exponentially, ultimately benefiting the country!”

OEPL was handed over the Indrora field with effect from 1st April, 2023 and started commercial production from the first day itself, a feat that has never before been achieved in the DSF bid round fields. In addition, OEPL has achieved ramping up the daily average production by 50%, in a record time of just 20 days, through production optimization techniques.