SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Essar Oil likely to start drilling at Ranigunj blocks

17 Aug 2011 Evaluate

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.

Peers
Company Name CMP
Reliance Industries 1365.10
Indian Oil Corp. 145.85
BPCL 312.05
HPCL 370.95
MRPL 183.20
View more..

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

×