Adani Welspun JV discovers gas in Mumbai offshore basin

Adani Welspun Exploration Ltd (AWEL), has announced its first-ever gas discovery in Mumbai’s offshore Tapti-Daman sector. The Adani Welspun Exploration Ltd (AWEL), a joint venture between the Ahmedabad-based Adani group and Welspun. The company released a statement on the discovery. They said that the gas discovery is made in an area spread over 714.6 sq. km in the NELP-VII clock MB-OSN-2005/2. Spread across 714.6 sq.km., the block is located in the prolific gas-prone Tapti-Daman Sector of the Mumbai offshore basin.

AWEL was awarded the block under the New Exploration Licensing Policy VII bid round

AWEL wrote, “The pay zones and flow rates encountered have exceeded the company’s initial estimates. With the information gleaned from adjoining fields/areas, this discovery is of substantial significance for both the company and the nation.”

The company added that the early indications pointed to the occurrence of gas-bearing reservoirs. This was within the sandstone reservoirs of the Mahuva and Daman formations. The drilling of the current well in March 2021 confirmed the presence of substantial quantities of gas and condensate in the block.

They added that the discovery could be a significant breakthrough for our nation. This is given India’s focus to nearly triple the share of natural gas in its energy mix by the end of this decade.

JV, Adani Group holds 65 per cent through its flagship company Adani Enterprises Limited (AEL). Welspun Group holds 35 per cent through Welspun Natural Resources Pvt. Ltd, a subsidiary of Welspun Enterprise Limited (WEL).

Also Read: Gautam Adani Becomes Top Gainer of 2021; Leaves Behind Jeff Bezos & Elon Musk