Mercator’s arm makes oil discovery at Cambay Basin

19 Aug 2015

Mercator’s subsidiary Mercator Petroleum (MPL) has made an oil discovery in well lyoti-2, Block CB-ONN-2005/9 of Cambay Basin, India. This discovery is Mercator’s second oil discovery after the recent Jyoti - 1 success. The Block was awarded during the NELP-VII bidding. The discovery has been notified 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 2806 meters penetrating various hydrocarbon layers. Multiple zones were perforated and the well flowed very good quality light oil of 41°API at 2000 BOPD through 32/64” choke and up to 5000 BOPD through 64/64” choke.

These flow rates were better than those observed in the first discovery. Both the discoveries (Jyoti -1 & Jyoti -2) in quick succession not only substantiates the high prospectively of the area but also provides encouraging and positive inputs for pursuing the exploration program further with identified prospects and leads.

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.

Related Mercator Ltd. Links:

Mercator Share Price

1.01 0.00 (0.00%) Feb 24, 18:55
1 Year Price Chart
Peers
Company Name CMP
Shipping Corpn. 100.50
GE Shipping 283.35
Dredging Corp 360.40
Shreyas Shipping 82.35
Essar Shipping 9.17
View more..
Sensex vs Mercator
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

Callback