A consortium of Oilmax Energy and Eleven has won the Kutch offshore oil and gas block under the latest Discovered Small Fields (DSF) bidding round. The two companies will each hold a 50 per cent participating interest in the block.
The award comes as India seeks to strengthen domestic energy production and reduce its dependence on imports. The country imports nearly 90 per cent of its crude oil requirements and around half of its natural gas requirements. As the world’s third-largest energy consumer, India has prioritised the development of domestic hydrocarbon resources to improve energy security and mitigate exposure to global market volatility.
“India’s energy demand will only rise as the economy continues to grow, and reliable, affordable energy is fundamental to sustaining that growth. Developing our domestic oil and gas resources is essential to reducing import dependence, improving energy security and creating long-term value for the country. We look forward to bringing our technical expertise and experience to this asset,” said Kapil Garg, founder and managing director of Oilmax Energy.
The partnership combines Oilmax’s upstream oil and gas expertise with Eleven’s diversified business interests spanning healthcare, financial services, consumer technology, energy and investments.
Oilmax has an established presence in India’s exploration and production sector, with a portfolio of oil and gas assets across the country. For Eleven, formerly known as SAS Group, the award marks its entry into India’s upstream energy sector. Founded by Sachdeva, the group has interests across multiple industries and investments.
“For India, energy security is no longer just an economic issue; it is a strategic one. The events of the last few years have shown how quickly global energy markets can be disrupted, which makes increasing domestic production critical. We are delighted to partner with Oilmax and to contribute to an effort that supports India’s long-term energy independence,” said Sunil Sachdeva, chairman of Eleven.
