Seeking integration in the oil and natural gas sector
Drilling and services as a starting point
Varun Industries has a growing presence in the oil & gas sector in India as an exploration, drilling, well construction, field development, rig management, production, transport, and allied services partner to both private and public sector companies in India.
Our foray into the oil & natural gas industry began in the year 2008 when we started providing efficient rig drilling and integrated work over services including charter, hiring of drilling rigs and maintenance to leading Indian and global oil and natural gas companies. We have a 1000 HP drilling rig that is contracted to ONGC in Assam as well as maintenance contracts for oil field assets in Kariakal. We will be acquiring two more drilling rigs for deployment in India.
We aim to emerge as a leading Oil and Gas Exploration and Production, Drilling, Oil Field Services and Material Supplier in upstream, mid stream and main stream/downstream sectors of the petroleum industry.
Oil Block in Madagascar
Our foray into oil and natural gas exploration began with our concessions in Madagascar. The company has acquired Block 3101 admeasuring approximately 6,800 sq. km. Block 3101 has been audited and certified by Bayphase Ltd (Oil & Gas consultancy) UK, and as per certified reports, Block 3101 has prospective resources of around 3067 million barrels.
Oil Block 3101 is the most prominent block among all existing onshore blocks present in Madagascar, and is located in proven petroliferous basin with discovery of light oil and gas, including established giant tar sands and heavy oil deposits. The block is reasonably open and has accessible terrain with low operational costs.
Varun Group has signed PSC (production sharing contract) with OMNIS (regulatory body of Govt. of Madagascar). The PSC is based on 80:20 ratio where Varun will share 80% profit and OMNIS will receive a 20% royalty.
Varun in Gas Exploration
Oil & Gas Incorporation SARL, Madagascar has been awarded an Offshore Block for exploration, exploitation and distribution of liquid hydrocarbon for Gas Block in the Indian Ocean Basin of La St Marie. The St Marie Offshore Gas Block comprises about 13,200 sq. km. area.
St. Marie Offshore Block has been audited and certified by Bayphase Ltd and as per certified reports, St. Marie Offshore Block has prospective resources of Oil & Liquids resources of 2560 million barrels and Gas resources of 14.38 billion standard cubic feet.
Varun has signed PSC (production sharing contract) with OMNIS (regulatory body of Govt of Madagascar), which is based on 80:20 ratio where Varun will share 80% profit and OMNIS will have 20% royalty.