The discovery coincides with Asian Energy’s ongoing merger process with Oilmax and is expected to enhance operational visibility during the consolidation period by adding incremental production capacity. (Representational image)
Asian Energy Services has discovered oil at the onshore Mevad field in Gujarat following the drilling and testing of a new well with expected peak production of about 125-130 barrels of oil per day (bopd).
The well NM-01 was drilled to a total depth of 1,650 metres, encountering three hydrocarbon-bearing sand intervals—Mandhali, Sobhasan and Kalol. The zones are being evaluated sequentially.
The well is currently producing about 100 bopd in the testing phase from Sobhasan sand, with data indicating potential production rates of 125-130 bopd.
In addition, the Kalol-III reservoir has shown hydrocarbon indications based on logs and cuttings, and testing of this interval will be undertaken at an appropriate stage.
Field partners plan to drill additional wells to evaluate the extent of the oil pool and assess the reservoir’s development potential.
Kapil Garg, Managing Director for Asian Energy Services, said the company is encouraged by the success of the new well in Mevad field as results are better than initial estimates.
Recoverable reserves from the field are expected to increase significantly following this discovery.
“Oil produced from the Mevad well will be supplied to domestic refineries under offtake arrangements. Crude pricing will be linked to the Brent benchmark, ensuring market-aligned realisations,” he said.
Under the Revenue Sharing Contract, Asian Energy holds a 50 per cent participating interest in the project, Oilmax Energy holds a 10 per cent participating interest, with the remaining interest held by other partners.
The project is expected to add incremental cash flow and underscores the company’s focus on disciplined, low-cost resource development.
For Asian Energy, the discovery provides incremental domestic production exposure with pricing linked to international benchmarks.
The discovery coincides with Asian Energy’s ongoing merger process with Oilmax and is expected to enhance operational visibility during the consolidation period by adding incremental production capacity.
Published on January 31, 2026
