State-owned Oil India is on a hunt for technical partner to help bring flow its find of heavy oil in the NELP onshore block in Rajasthan. This development comes right after an experiment with PDSVA Venezuela failed to make headway in producing similar crude oil from its Rajasthan nomination field.
The block is located 400 km from Cairn India’s Barmer oilfields and 120 km West of Bikaner in the Bikaner-Nagaur Basin. This NELP (New Exploration Licensing Policy) VI block, which lies north-east of OIL’s discovered nominated fields, initially has flown 3.5 barrels of oil a day (bopd) of heavy oil.
The company has reported 7.27% fall in its net profit at Rs 940.29 crore for third quarter ended December 31, 2012 as compared to Rs 1013.98 crore for the same quarter in the previous year. However, total income from operation of the company has increased by 2.73% at Rs 2902.47 crore for quarter under review as compared to Rs 2825.54 crore for the quarter ended December 31, 2011.
Company Name | CMP |
---|---|
ONGC | 275.20 |
Oil India | 699.60 |
Jindal Drilling&Inds | 657.00 |
Hind Oil Exploration | 190.90 |
Deep Industries | 296.10 |
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