Invenire Energy said the three discovered fields acquired in the DSF III tender round have the potential to produce a modest 110 million barrels of crude over a 20-year primary production period.
The three fields B66, B154 and B203 are located in the Mumbai Offshore Basin and contain eight oil discoveries with 344 million barrels of oil reserves.
The announcement was made at the three-day GeoIndia Conference, which ended on Sunday.
Bhuwan Gariya, chief technology officer of Invenire Energy, said the three blocks span an area of 2,604 square kilometers and are located in shallow water depths of 30 to 82 meters. The relative proximity of these areas provides significant synergies for low cost production and early monetization opportunities.
“India has 26 sedimentary basins spread over 3.4 million sq. 200 billion barrels of prize size yet to be established,” he added.
The participation of independent companies such as Invenire Energy reflects renewed interest in India’s upstream sector. The launch of Open Acreages, Discovered Fields, Coalbed Methane and City Gas Distribution rounds are real-time opportunities for long-term global investors to invest in India, he said.
In a government-provided Discovered Field Bid round, the company acquired assets in Assam and offshore Maharashtra. Invenire’s existing portfolio of over 5,500 sq km of Indian land is spread across the Kambey, Mumbai, Kawbery, Assam, and Arakan basins.