OILEX LTD.

What OILEX LTD. does

Synergia Energy Ltd (formerly OILEX LTD.) is a UK-incorporated upstream oil and gas company headquartered in Aberdeenshire with approximately 5 employees and operations in India and the United Kingdom. Its principal asset is the producing Cambay oil and gas field in Gujarat State, India, covering 161 km² (~40,000 acres) under a Production Sharing Contract with the Government of India. Cumulative gas production from the field exceeds 104 BCF across 70+ drilled wells, with proven hydrocarbon presence in the Miocene, Oligocene and Eocene formations. The company also holds and is developing Carbon Capture and Storage (CCS) projects: the Cambay CCS scheme in India (Olpad Formation at 2,000–3,000 meters depth) and the Camelot CCS project in the UK Southern North Sea, the latter of which is planned for relinquishment following a 2026 NSTA workshop identifying legacy well integrity concerns.

The company's revenue model is anchored on natural gas and gas condensate sales from Cambay to local industrial buyers in Gujarat under PSC terms. A second revenue stream is being developed through merchant CCS services, where emitters would pay for CO2 transportation and geological storage under long-term contracts. Technology assets include a high-quality 3D seismic survey acquired by Synergia in 2007 over the Cambay PSC license area, plus multi-zone geological knowledge of the subsurface and planned marine-tanker-based CO2 delivery infrastructure (FISO vessel injection) for the UK project. The company maintains an investor relations presence, AIM Rule 26 disclosures, and references to a prior ASX listing now delisted.

Customer segments are industrial energy consumers in Gujarat's industrial heartland (power generation and manufacturing) for hydrocarbon sales, and CO2-emitting industries — coal- and gas-fired power stations, cement works and refineries — for future CCS services. Distribution occurs via direct offtake contracts with industrial buyers and direct commercial arrangements with emitters. Recent strategic events include the August 2024 farm-out agreement with Selan Exploration Limited (subsequently abandoned after Selan failed to complete the Sale and Purchase Agreement) and the planned 2026 relinquishment of the CS019 Camelot carbon storage license.

Name

OILEX LTD.

Legal name

Synergia Energy Ltd

Website

https://oilex.com.au

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Synergia Energy Ltd (formerly OILEX LTD.) is a UK-based upstream oil and gas company operating the producing Cambay field in Gujarat, India, and developing Carbon Capture and Storage projects at Cambay and in the UK North Sea.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Environmental Consulting Services (54162)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Gas-to-Power Project Development (IPP/CPP, Permitting, Financing) (EUALALAC)

akta.pro secondary industry

Renewable Natural Gas (RNG) Program Development & Portfolio Management (EUAJAJAA)

Keywords

• Oil and gas production
• Carbon capture and storage
• Upstream energy operations
• CCS project development
• Natural gas exploration

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Oil and Gas Production Revenue: Revenue generated from production and sale of gas and gas condensate from the Cambay field to local industrial markets in Gujarat, India. Production sharing governed by PSC arrangement with Government of India.
2. CCS Storage Services: Merchant scheme for CO2 transportation and storage services where emitters pay for CO2 sequestration under long-term contracts. Revenue derived from CO2 transportation and geological storage into depleted gas fields and saline aquifers.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Synergia Energy Ltd is an upstream oil and gas producer and Carbon Capture and Storage (CCS) project developer. Its core activity is the operation of the producing Cambay oil and gas field in Gujarat, India, from which gas and gas condensate are exported to local industrial markets under a Production Sharing Contract. In parallel, the company develops two CCS projects — Cambay CCS in India (Olpad Formation storage) and Camelot CCS in the UK Southern North Sea — to provide long-term CO2 sequestration services to industrial emitters.

Product overview

Synergia Energy Ltd operates as an oil and gas production and Carbon Capture and Storage (CCS) project development company. The company's portfolio consists of three core products: the Cambay Oil and Gas Field (a producing asset in India) and two CCS initiatives—the Cambay CCS Project (onshore India) and the Camelot CCS Project (UK North Sea). The company focuses on responsible oil and gas production and CCS project development, with primary emphasis on the Cambay asset.

Differentiator

Problem solved

Functional benefit

Products and services

• Cambay Oil and Gas Field Producing upstream oil and gas asset in the Cambay Basin, Gujarat State, India, covering 161 km² (~40,000 acres). Gas and gas condensate are produced and exported to local industrial markets under a Production Sharing Contract with the Government of India. The geology contains proven hydrocarbons in Miocene, Oligocene and Eocene zones.
• Cambay CCS Project (India) Carbon Capture and Storage project in India targeting the Olpad Formation at 2,000-3,000 metres depth as a CO2 storage reservoir. Designed to serve nearby coal- and gas-fired power stations, cement works and refineries under long-term transportation and storage contracts.
• Camelot CCS Project (UK Southern North Sea) UK Carbon Capture and Storage project centred on the Camelot depleted gas field in the Southern North Sea, with CO2 injection into the Camelot field and the overlying Bunter saline aquifer. Aimed at serving coastal CCGT power stations and continental European carbon hubs under long-term storage contracts.

Quantifiable outcome

• Over 104 BCF cumulative gas production achieved from Cambay field
• +2 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Selan Exploration LimitedcoreStrategic or Co-development Partner · 1 August 2024Farm-out agreement executed on 1 August 2024 whereby Synergia would be carried by Selan on a $20 million work program to be completed in 18 months in exchange for Synergia transferring a 50% working interest in the Cambay PSC to Selan. Following Antelopus Selan's failure to complete the Sale and Purchase Agreement, the company abandoned plans to sell its working interest.
• Harbour EnergycoreStrategic or Co-development PartnerJoint venture partner for the Camelot CCS project in the Southern North Sea. Both companies hold NSTA carbon storage license CS019. Plans to jointly request relinquishment of the CS019 Camelot carbon storage licence due to legacy well integrity concerns identified at NSTA-hosted workshop.
• Directorate General of Hydrocarbons (India)coreStrategic or Co-development PartnerGovernment authority in India with whom Synergia is working to develop a proof-of-concept Pilot Project on the Cambay PSC for carbon capture and storage.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• EnQuest: UK-listed upstream oil and gas major with North Sea and Malaysian operations plus CCS interests. Provides comparable for upstream operations at scale, mature field redevelopment, and CCS diversification strategy.
• Harbour Energy: UK-listed upstream oil and gas major and Synergia's JV partner on the now-defunct Camelot CCS project. Provides a comparable for North Sea operations, large-scale asset portfolios, and CCS project development at scale.

Direct peers

• Baron Oil: UK-listed upstream oil and gas company with producing assets in Latin America. Similar small-cap profile and AIM-market listing structure targeting mature upstream opportunities.
• Pantheon Resources: Small UK-listed upstream oil and gas company focused on development-stage assets in Alaska. Comparable in size, market listing structure, and upstream business model targeting resource plays.
• Selan Exploration Technology Limited: Indian upstream oil and gas company that was Synergia's JV partner on the Cambay PSC under the failed farm-out agreement. Operates producing fields in India and represents a direct comparable in size, geographic focus, and upstream business model.
• Predator Oil & Gas Holdings: Small UK-listed upstream oil and gas company with diversification into CCS and hydrogen projects. Comparable in size, AIM-market listing structure, and energy transition strategy with similar small-team operating model.
• i3 Energy: Small UK-listed upstream oil and gas company with North Sea assets. Similar size, AIM-market structure, and operational focus on mature hydrocarbon regions like Synergia's Cambay operations.
• Scirocco Energy: Small UK-listed energy company with producing assets and CCS project interests. Similar profile in diversification strategy, small-cap status, and AIM-market listing comparable to Synergia's structure.
• Challenger Energy Group: Small UK-listed upstream company with operations in Africa and the Caribbean. Comparable size, AIM-market listing structure, and upstream-focused business model targeting development-stage assets.

Emerging players

• Storegga: UK-based CCS project developer focused on UK and European storage hubs including Acorn project. Comparable in CCS technology focus, merchant storage business model, and geological CO2 sequestration expertise.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OILEX LTD.