New Delhi, Sept. 6: Australian firm Oilex today said it had found gas in the Cambay basin in Gujarat, which might hold over 1.5 trillion cubic feet of reserves.

The directorate general of hydrocarbons has not yet confirmed the claim.

Oilex holds a 45 per cent interest in the Cambay field, while Gujarat State Petroleum Corp (GSPC) holds the rest. The central government awarded the field to GSPC and Canada’s Niko Resources in the 1990s. Oilex stepped in following the exit of Niko.

Oilex had drilled several wells in Cambay.

Based on the evaluation by its North American consultants NuTech Energy Alliance and Morning Star, Oilex today announced “a significant upgrade to its reserves and contingent resources”.

Oilex said the Cambay field might hold 853 billion cubic feet of reserves justified for development plus another 720 billion cubic feet of contingent resources.

“The estimates have not been endorsed by the government or the directorate general of hydrocarbons,” it said, adding it will submit data next month and expects the government to validate the findings by early 2011.

“The company has renewed its focus on India and has made significant progress in unlocking the potential of the Cambay ‘tight’ Eocene reservoirs that extend over the 40,000 acre contract area,” Oilex managing director Bruce McCarthy said.