RE: Our new JV Partner8 Feb 2024 14:48
Your link is a bit old now Last Updated: Jun 23, 2015, 05:35:00 AM IST
but it does say the following
MUMBAI: In its first large scale energy sector commitment in India, bulge bracket PE investor Carlyle Group will invest up to $500 million in Magna Energy Ltd, a new India-focused upstream oil and gas company co-founded by two former Cairn Energy officials, including the man credited with the explorer's Indian drilling successes.
Magna doesn’t own any block by themselves as yet. But it is already a 17% shareholder in Oilex Ltd, another young exploration and production (E&P) company with a diversified portfolio of oil and gas projects providing a pipeline from early stage exploration through to pre-production assets. Their flagship project in the onshore Cambay Basin region in Gujarat is a near term unconventional siltstone gas play – known as tight hydrocarbon project in oil industry parlance. Oilex is the operator of the field with a 45% stake. With .2 trillion cubic feet (tcf) or 208 billion cubic feet (bcf) of proven and probable 2P reserves, the company is now entering the development phase in Cambay. The drilling of the first two production wells is also scheduled to commence in 2HCY15. Oilex, dually listed in London and Australia, also operates the smaller conventional gas asset in Bhandut, also in Gujarat’s Cambay Basin with a 40% stake. Its global portfolio includes acreage in Australia and Indonesia.