Indian-based Great Eastern Energy Corporation (GEECL), a coalbed methane exploration company, revealed that it intends to commit $2 billion in its Raniganj (South) block to exploit shale reserves.
GEEL's Raniganj (South) block holds estimated shale resource of 6.63 trillion cubic feet (TCF) under a high estimate and 3.51 TCF under best estimate.
The company noted that it expects to begin initial shale gas exploration work of drilling core wells in the first half of next year.
GEECL added that the first half of next year will go in drilling core wells, after which it will drill some pilot production wells and will start working on the field development plan.