Essar Oil (EOL), the country’s second-largest private sector refiner has inaugurated an exploration and production office at Durgapur for its coal bed methane (CBM) operations. The new office will facilitate its team to house technologically advanced instruments in order to run its CBM operations in CBM gas fields in Raniganj block in the state. It has got phase-III environment clearance that allowed full field development of the Raniganj block. The entity has invested about Rs 1500 crores in the block over the last four years.
The company has reported a net profit of Rs 200 crore for the quarter ended March 31, 2013 as compared to a net loss of Rs 515 crore for the same quarter in the previous year. Total income from operations has increased by 34.82% at Rs 23,650 crore for quarter under review as compared Rs 17,543 crore for the quarter ended March 31, 2012.
