Asian Energy acquires 50% participating interest in Indrora field

With the acquisition of the oil field, AESL marks its entry into the upstream oil and gas production business.

Asian Energy Services Limited (AESL) received shareholders’ approval to proceed with the acquisition of 50 percent participating interest (PI) in Indrora, an oil and gas field in Gujarat, from Oilmax Energy Private Limited (OEPL)—the parent company of the former.

AESL has initiated the process of obtaining all the requisite permissions and approvals from the government to complete the PI acquisition, the company said in a press release.

Kapil Garg, Founder, Chairman & Director, Oilmax Energy, and Director, Asian Energy, 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,” Garg added.

With the acquisition of the oil field, AESL marks its entry into the upstream oil and gas production business. AESL offers end-to-end services which extend across the entire upstream value chain.

AESL said it has diversified its business verticals to capture more value across the energy and upstream oil and gas value chains since its acquisition by OEPL.

The company said 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.

OEPL had won the bid for Indrora and the field was handed over to the company from April 1, 2023. OEPL said it has achieved ramping up the daily average production by 50 percent from the field, in a record time of just 20 days, through production optimisation techniques.