India will buy the entire produce for the next 15 years from Essar Oil’s coal bed methane (CBM) block of Raniganj East in West Bengal.
India plans to raise its oil refining capacity by 77 per cent to 438.65 million tonnes by 2030 with Reliance Industries and Rosneft-controlled Essar Oil adding the biggest chunk, a government report said today.
Essar Oilfields Services India Ltd today said it has won a Rs 32 crore contract from state- owned Oil and Natural Gas Corp (ONGC) to drill 30 wells at a coal-bed methane (CBM) block in Bokaro, Jharkhand.
The Essar Group expects turnover from coal bed methane (CBM) to touch Rs 600 crore in 2018-19 and double that in the subsequent two years, according to Vilas Tawde, chief executive officer of Essar Oil and Gas Exploration and Production.
Former head of finance at Snapdeal, Anup Vikal, has joined oil and natural gas producer, Essar Oil as the company’s new chief financial officer.
Essar Oil UK, which owns and operate the Stanlow refinery in the U.K., posted a 231% jump in its half yearly net profit to $169 million, aided by a forex income of $25 million, deferred tax liability and strong refining margins.
Essar Oil UK is working on a “reconfiguration” plan which may entail big investments to prepare the company for its next growth phase.
Essar Oil (UK) Ltd, which owns and operates UK’s Stanlow Refinery, posted its highest-ever half-year net profit, helped by high refining margins and forex gains, the company said on Wednesday.
Oil and Natural Gas Corporation’s partners in six pre-NELP blocks will have to share royalty, cess and other government charges with the state firm in proportion to their stakes, ending the current practice of ONGC alone bearing state levies for entire production, according to an oil ministry proposal that would soon be sent to the Cabinet.
Essar Oil Ltd has sought the consent of market regulator Securities and Exchange Board of India (Sebi) to extend the deadline for paying its minority shareholders, after its nearly $13-billion acquisition by a consortium led by Russia’s Rosneft PJSC, two people aware of the matter said.