Asian Energy Services Limited (Asian Energy) announced an oil discovery at its onshore Mevad field in Gujarat, following the drilling and testing of a new well that is expected to deliver peak production of approximately 125–130 barrels of oil per day (bopd). The new well, NM-01, was drilled to a total depth of 1,650 metres and encountered three hydrocarbon-bearing sand intervals—Mandhali, Sobhasan, and Kalol—which are being evaluated sequentially.
During the testing phase, the well is currently producing around 100 bopd from the Sobhasan sand. Based on test data, production potential from this zone is estimated at 125–130 bopd. In addition, the Kalol-III reservoir has shown hydrocarbon indicators from logs and cuttings, and testing of this interval will be undertaken at an appropriate stage. Field partners plan to drill further wells to understand the size of the oil pool and assess the reservoir’s broader development potential.
Kapil Garg, Managing Director, Asian Energy Services Ltd, said “We are encouraged by the results from the new well at Mevad. The outcome is stronger than our initial assessment, and we expect the recoverable reserves from the field to increase meaningfully following this discovery. Oil produced from Mevad will be supplied to domestic refineries under offtake arrangements, with crude pricing linked to the Brent benchmark, ensuring market-aligned realisations.”
Under the Revenue Sharing Contract, Asian Energy holds a 50% participating interest in the project. Oilmax Energy Private Ltd (Oilmax) holds a 10% participating interest, with the balance held by other partners. The discovery is expected to support incremental cash flows and aligns with the company’s strategy of disciplined, cost-efficient resource development. It also provides exposure to domestic production while maintaining pricing linkage to international crude benchmarks. The announcement comes amid Asian Energy’s ongoing merger process with Oilmax and is expected to strengthen operational visibility through additional production capacity during the consolidation period.
Asian Energy Services Limited (AESL) provides end-to-end solutions across the upstream energy value chain. Its offerings include integrated oil and gas services such as 2D and 3D seismic data acquisition, operations and maintenance of onshore and offshore production facilities, and production enhancement services. AESL also has capabilities in mining services including the supply and installation of material handling plants and rapid loading systems.
Since its acquisition by Oilmax Energy Private Limited (OEPL), AESL has expanded its business focus to capture deeper participation across upstream oil and gas and energy services value chains, with an emphasis on long-term value creation. Oilmax Energy Private Limited (OEPL) is an unlisted private limited company and holds 60.83% of AESL’s shareholding.
OEPL is engaged in the exploration, development and production of oil and gas assets, focused on Indian blocks with discovered and proven reserves. OEPL has built a diversified portfolio with varying participating interests across five oil and gas blocks, including one Coal Bed Methane (CBM) block. The company has also expanded into the mineral sector through the acquisition of a quartzite block in India, and has interests in advanced agriculture through a subsidiary.
