Ruia-owned Essar Oil and Gas Exploration and Production Ltd (EOGPL) is planning to more than double Coal Bed Methane (CBM) production from its flagship Raniganj East block to 2.3 Million Standard Cubic Meter per day (mmscmd) from the current 1 mmscmd, a senior company executive said.
After officially being renamed Nayara Energy, the Essar Oil Limited (EOL) on Sunday launched its new logo which is inspired by the virtues of fluidity, optimism and connectivity.
Russian oil firm Rosneft-owned Essar Oil Ltd (EOL) is planning to raise ₹3,000 crore in debt funding to meet its financial requirements, said two people aware of the company’s plans.
Indian oil companies importing from Iran, especially Oil and Natural Gas Corporation Ltd. and Essar Oil Ltd., could be hit by the U.S.’ decision to impose financial sanctions on Iran, said Fereidun Fesharaki, chairman of global oil and gas consultancy FGE.
Russian oil major Rosneft-owned Essar Oil Ltd plans to change its corporate identity to Nayara Energy Ltd, the company said today.
Essar Oil & Gas Exploration and Production (EOGEPL) has said the company is expecting reserves of at least 1.5 trillion cubic feet (tcf) of recoverable shale gas in its Raniganj block in West Bengal, which could require investment of at least $1 billion.
Essar Oil has settled about 2 billion euros ($2.5 billion) in dues to Iran to cover previous oil purchases and still owes the country about $616 million, Chief Executive B. Anand said on Thursday.
Essar Oil has picked Trafigura and BP to lend it $1 billion to be repaid with cargoes of refined products as the Indian refiner’s new owners seek to diversify the firm’s financing base, sources with direct knowledge of the matter said.
Indian refiner Essar Oil is looking to raise over $1 billion from trading houses after its new Russian owners could not raise loans from major Western banks due to sanctions on Russia.
Essar Oil has sold its entire production of coal-seam gas or CBM from a West Bengal block to state-owned GAIL India Ltd using the same formula that Reliance Industries used for pricing of its CBM.