Oilmax Energy Declares an Rs 450 Crore Investment in Assam
Oilmax Energy, a leading private integrated oil and gas company, announces an Rs 450 crore investment in Assam, underscoring its long-term commitment to the state’s energy and industrial sectors. The decision was made at the Advantage Assam 2.0 Summit, attended by Prime Minister Narendra Modi and Chief Minister of Assam, Himanta Biswa Sarma.
The Tiphuk oil and gas field, Assam's compressed biogas industry, and prospects in the state's developing mineral industry are the main objectives of Oilmax Energy's strategic investment. To further these efforts, the business has inked three important Memorandums of Understanding (MoUs).
To develop the Tiphuk oil and gas field, the first Memorandum of Understanding was inked with Brahmaputra Crackers & Polymers (BCPL), which will take offtake of the gas produced at the site. By increasing domestic oil and gas output, this project significantly improves India's energy security.
The development of mineral resources, particularly quartz mining, is the main objective of the second Memorandum of Understanding with the Assamese government. Assam's growing significance as a center for industrial minerals puts Oilmax Energy in a position to fully utilize these resources and support the country's independence in key areas.
The construction of a compressed biogas (CBG) facility using Napier grass as feedstock is described in the third Memorandum of Understanding with Assam Gas Company (AGCL). AGCL will obtain the raw material, which Oilmax Energy will process using cutting-edge equipment to produce biogas. This project provides Assam with a sustainable biofuel production model while also advancing India's clean energy transition and circular economy objectives.
Along with the industrial and environmental advantages, these investments are anticipated to generate about 300 local jobs in the first phase, with a focus on employing Assamese talent.
The quartz mining and CBG plant projects will take two to three years to develop, while the Tiphuk oil and gas project is expected to start in six to twelve months.
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Kapil Garg, Founder and Managing Director of Oilmax Energy, says, “Oilmax has always been committed to harnessing Assam’s potential in the energy and mineral sectors. Our investments in energy production, minerals, and clean energy reflect our long-term vision of creating sustainable growth opportunities for the state and the nation.”