Oilmax Energy (holding company) has been granted a petroleum mining lease (PML) for 20 years (effective from April 1, 2023) by the Energy and Petrochemicals Department, Government of Gujarat.
The approval is for small-field (DSF) block for crude oil & natural gas field located at Indrora. The area of the mining lease spreads over 150.77 sq. km.
In a recent transaction, Asian Energy Services will acquire 50 percent Participating Interest (PI) in the Indrora oil & gas field from Oilmax Energy by way of PI transfer, which is subject to the approval of shareholders and approval from Government of India (GoI).
Indrora oil and gas field is a small-sized discovered onshore field located in the onshore Cambay basin in Gandhinagar district of Gujarat.