Assam Company, the tea-oil-infrastructure conglomerate has struck oil in the North-East. Its collaborator, Canoro Resources of Calgary, Canada, has successfully completed all tests in oil blocks in Amguri in Assam.
After drilling 28 metres of the 36 meter Main Barail Sand, the company struck condensate and natural gas that is equivalent to 1,330 boe/d (barrels of equivalent oil per day).
Based on successful results from this area, Canoro Resources will prepare an initial development plan for the Amguri field.
Canoro is an international oil and gas company operating in Assam/Arakan basin of north-east India. It is the operator of Amguri field with a 60 per cent working interest.
Currently it produces 550 barrels a day of very light oil.
Abhay Chawdhry, chief financial officer, Assam Company, said his company is also keen to acquire oil assets in international markets such as Mongolia, Myanmar and Africa and has earmarked around Rs 900 crore for the purpose. The successful completion of tests at Amguri 11 happens to be the most successful result till date, a Canoro statement from Canada said.
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