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DGH reviews discoveries of two wells of Mercator’s arm

29 Aug 2017 Evaluate

The Director General of Hydrocarbons (DGH) has reviewed the discoveries of Mercator’s step-down subsidiary - Mercator Petroleum (MPL), operator and 100% participating interest holder in block CB-ONN-2005/9, from its first two wells, Jyoti 1 & Jyoti 2, in Bharuch Area of Gujarat and concur with the operator that the discoveries are commercially viable.

MPL has commenced preparation of a detailed Field Development Plan (FDP) and will be submitting it to the DGH soon. MPL aims to start production from the wells once FDP is approved by DGH and all the statutory clearances are obtained.

DGH has also allowed MPL to conduct extended well test on one of the wells for around a month. During testing, MPL will be allowed to produce and sell the oil from the well as per the PSC guidelines.

MPL is carrying further drilling in the block. Out of the drilling campaign of 5 wells, one well is already drilled, and drilling of another well is underway. This drilling campaign is expected to be completed by this financial year end.

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.

Mercator Share Price

0.84 0.00 (0.00%)
10-Mar-2023 18:02 View Price Chart
Peers
Company Name CMP
Shipping Corpn. 305.85
GE Shipping 1425.30
Dredging Corp 976.65
Seamec 1556.00
Shreeji Ship.Global 377.10
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