Oilmax Energy will invest Rs 600 crore (USD 75 million) over the next two-and-a-half years in developing the three oil and gas fields it owns in Assam, one each at Amguri, Duarmara, and Tiphuk.

Currently, Amguri produces 2,50,000 cubic mtrs. of gas and 500 barrels a day of condensates. However, the plant is expected to see a four-fold rise in production once the Indradhansh project, the gas pipeline which is currently under construction, is completed, production from Amguri would be raised, to a million cubic mtrs. of gas a day and four new producing wells would be drilled to serve the purpose.

In Duarmara, Oilmax is waiting for approval from the state’s forest department plan to start work on drilling of six wells. As per consultants, Duarmara has reserves of 4.1 billion cubic mtrs. of gas. Altogether, drilling work of the ten wells will be undertaken, each costing about USD seven million.

In Tiphuk, the company plans to drill two side wells, which will cost USD five million. Oilmax had won the field in the DSF-III round of bidding.

The entire project cost of USD 75 million is to be funded from internal accruals. Oilmax, is the parent company of Asian Energy Services and has a 62.5 percent stake in it, while the balance part is with the public.