Essar Oil is likely to begin second phase drilling of a little over 100 production wells at the Ranigunj (East) coal-bed methane (CBM) block near Durgapur in West Bengal, after a prolonged stalemate. Currently the company is producing to the tune of 35,000 standard cubic metres of CBM gas a day (0.035 mmscmd) from 15 wells in the asset.
Due to non-accessibility of environmental clearance, drilling operations in the block were suspended for nearly 8-10 months. Other than procedural reasons, complaints against the company for alleged violation of environmental guidelines also contributed to the stalemate. However, the delay in second phase drilling, may impact the production plan of the company.
The company’s profit for the quarter ended June 30, 2011 has jumped at Rs 469.00 crore as compared to loss of Rs 70.00 crore for the corresponding quarter last year. Its total income has grown by 42.26% at Rs 15024 crore for the quarter under review from Rs 10561 crore for the same quarter last year.
Essar Oil, a fully integrated Oil and Gas Company of international scale which is engaged in the exploration and production of oil and gas, refining of crude oil, and marketing of petroleum products.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1365.10 |
| Indian Oil Corp. | 145.85 |
| BPCL | 312.05 |
| HPCL | 370.95 |
| MRPL | 183.20 |
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