RSS feed for Genesis B-M:
 
'Laws are keeping pace with emerging market needs'

India(prwindow)- June 24 2008 -An Interview with Mr. Prashant Modi, the President and COO of GEECL (Great Eastern Energy Corporation Limited)
 
The Great Eastern Energy Corporation Limited (GEECL) is planning to extend its operations and supply compressed natural gas (CNG) to Kolkata. The country’s first commercial producer of coal-bed methane (CBM) is already selling CNG from the Indian Oil Corporation’s stations in places like Asansol, Durgapur and Raniganj. A part of the YKM Holdings Group, GEECL is developing production wells for CBM in Damodar Valley (Raniganj coal-field), near the city of Asansol, West Bengal. Thirty wells have been drilled so far. The company’s licence area covers 210 sq km. (52,500 acres). The first phase will see drilling and completion of 100 production wells. The company is planning to drill a total of 200 wells in a phased manner. GEECL president and chief operating officer Prashant Modi (http://www.prashantmodi.com) talks to Financial Express’ about the company’s progress and plans. Excerpts:

How is GEECL progressing?

We have already drilled about 30 wells. We are on our 31st well in India.

What is the overall plan?

We’ll drill 80 wells in the coming two years. In the next six years we will do another 200. The plan is to dig 40-50 wells a year after that. The total number of wells is expected to be around 300. As you keep drilling more and more, 300 can become 330 or 270. It’s important to see if the well is economical to drill.

What is the total production capacity in the first phase?

The first stage will cover 100 wells and generate 35-40 million cubic feet of gas per day. Eventually it will be 100 million cubic feet when all the 300 wells are operational. I am talking about average production. In CBM, the production increases for the first three/four years, then it stabilises. So, it is like a camel hump.

What is the total investment?

The total investment will be close to $1 billion over the next five years. After that the company will start generating cash. The investment is divided in three parts— upstream, midstream and downstream. Now, we are doing everything ourselves. Earlier we were thinking about having subsidiaries, but then it doesn’t make sense. This has become a one-stop shop sort of business.

How are you raising money?

We have just raised loans of Rs 350 crore from SBI and nine other banks. After that the company will generate enough cash to fund itself. As far we are concerned we are fully funded now. If we acquire...
 

 

Add to SimpySimpy Add to Google BookmarksGoogle Add to your Technorati favoritesTechnorati Add to del.icio.usdel.icio.us Add to Redditreddit Add to DiggDigg Add to FurlFurl It Add to SpurlSpurl Add to BlinklistBlink It Add to MyYahoo!MyYahoo Add to Newsvine.comNewsvine

RSS feed for Oil&Gas Category: RSS feed for India :
Related Press Releases:
Global Mainframe announces Reorganization of Management Team2008-07-02
ENERISQ INTERNATIONAL, LLC ANNOUNCES GLOBAL AVAILABILITY OF WELDSTAR TESTING FOR PIPELINE WELDS2008-06-26
Global Trade of Woody Biomass Has Almost Doubled in Five Years2008-06-06
Kolkata all set to get CNG supply2008-05-28
Arden Partners hails Eastern promise2008-05-20
ENERISQ INTERNATIONAL ANNOUNCES NEW REPRESENTATION FOR ISRAEL2008-05-19
ENERISQ INTERNATIONAL ANNOUNCES NEW REPRESENTATION FOR INDONESIA2008-05-16
ENERISQ INTERNATIONAL ANNOUNCES NEW REMOTE WATER PURIFICATION SYSTEM2008-05-14
ENERGY SERVICES COMPANY ANNOUNCES NEW REPRESENTATION FOR CANADA2008-05-14
ENERISQ INTERNATIONAL, LLC ANNOUNCES GLOBAL AVAILABILITY OF OTIS ONLINE TANK INSPECTION SERVICE2008-05-14
CONTACT INFORMATION

Dolly Tayal
Genesis B-M
+91 9899101140

Website
Visit Our Site

Email
Email us here

Search Archives
News by Industry
  • Advertising
  • Business
  • Economic
  • Entertainment
  • Home & Garden
  • Legal
  • Medical & Pharmaceuticals
  • Religion
  • Software
  • Sports
  • Technology
  • Trade Shows
  • More ...
  • News by Country
  • United States
  • China
  • India
  • United Kingdom
  • Australia
  • South Africa
  • Hong Kong
  • Bahrain
  • Russian Federation
  • Canada
  • Germany
  • American Samoa
  • More ...
  • About Press Releases
    PRWindow.com disclaims that any right and responsibility for the information go to the user who submit the press release. If you have any questions, queries or comments regarding information in the press releases, please contact the company listed in the press release, We will be unable to assist you with your inquiry.
     
    Copyright© 2012 PRWindow. All rights reserved.