Essar to invest up to Rs 1,000 cr by FY18 in West Bengal – Feedback

West Bengal is set to get Rs 700-1,000 crore investment in ramping up coal-bed methane (CBM) production from Essar Oil at Ranigunj but it could jump significantly if shale opportunity opens up.

“We have invested Rs 3,300 crore at our Ranigunj CBM block and already achieved one million scmd production. We will have to pump additional Rs 700-1,000 crore to reach the peak projected production of three million scmd capacity,” Essar Exploration & production CEO Manish Maheswari said here today. The company expects to reach production to three million scmd by mid of next financial year 2017-18. However, the company is optimistic on the Hydrocarbon Exploration Licensing Policy of March, 2016 and has already begun preliminary work on it.

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