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Mercator’s arm makes its first oil discovery

02 Jun 2015

Mercator’s subsidiary Mercator Petroleum (MPL) has made its first oil discovery. Crude oil flowed from its well, Jyoti-1 onto the surface in presence of the DGH representative. This discovery was from the very first well drilled by MPL. The same has been informed to the Directorate General of Hydrocarbons (DGH).

The well was drilled in compliance with all the technological and ecological standards & requirements to a depth of 2936 m penetrating multiple oil & gas shows. The zone in the interval 2575 to 2580m (Hand Member of Ankleshwar Formation) was perforated and flowed oil at the rate of 830 bopd through 32/64' choke size. The oil is light and of very good quality with 41 degree API. The discovery forms part of the block CB-ONN-2005/9.

Mercator is the second-largest private sector shipping company on a consolidated basis in India, in terms of tonnage capacity. The group has a presence in varied segments namely shipping, offshore services, oil exploration and production, dredging, coal mining/trading and logistics.

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Mercator Share Price

1.76 0.08 (4.76%) Jun 17, 18:01
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Peers
Company Name CMP
Shipping Corpn. 112.35
GE Shipping 404.20
Dredging Corp 407.35
Shreyas Shipping 184.90
Essar Shipping 11.79
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