+
Essar Oil & Gas to Strengthen Ranigunj CBM Position
OIL & GAS

Essar Oil & Gas to Strengthen Ranigunj CBM Position

Essar Oil and Gas Exploration and Production aimed to strengthen its position as one of the leading players in unconventional hydrocarbons at the Ranigunj coal bed methane (CBM) block in West Bengal. The company had invested approximately Rs 50 billion in exploring and commercially developing the Ranigunj CBM block, and they had already commissioned nearly 350 wells.

The company was focused on exploring new frontiers, including shale gas exploration, which would further solidify their position as a major player in unconventional hydrocarbons in the region.

In the fourth quarter of the previous fiscal year, the company reported a net profit of Rs 830 million and a revenue of Rs 1.9 billion, with EBITDA reaching Rs 1.4 billion.

The company's future plans involve investing an additional Rs 20 billion over the next 18 to 24 months to drill 200 more wells. As a result, their contribution to total CBM production in the country, currently at 65 per cent, is expected to rise to 90 per cent after the drilling of the new wells, according to the spokesperson.

The spokesperson further highlighted the key priorities set by the company, which include field upgradation, adoption of new technologies, cost optimisation, and production enhancement.

Also read: 
Indian Mineral Production records positive growth in April 2023
India surpasses China in Coal-based Steel Capacity


Essar Oil and Gas Exploration and Production aimed to strengthen its position as one of the leading players in unconventional hydrocarbons at the Ranigunj coal bed methane (CBM) block in West Bengal. The company had invested approximately Rs 50 billion in exploring and commercially developing the Ranigunj CBM block, and they had already commissioned nearly 350 wells. The company was focused on exploring new frontiers, including shale gas exploration, which would further solidify their position as a major player in unconventional hydrocarbons in the region. In the fourth quarter of the previous fiscal year, the company reported a net profit of Rs 830 million and a revenue of Rs 1.9 billion, with EBITDA reaching Rs 1.4 billion. The company's future plans involve investing an additional Rs 20 billion over the next 18 to 24 months to drill 200 more wells. As a result, their contribution to total CBM production in the country, currently at 65 per cent, is expected to rise to 90 per cent after the drilling of the new wells, according to the spokesperson. The spokesperson further highlighted the key priorities set by the company, which include field upgradation, adoption of new technologies, cost optimisation, and production enhancement. Also read:  Indian Mineral Production records positive growth in April 2023India surpasses China in Coal-based Steel Capacity

Next Story
Infrastructure Energy

Bihar Launches Rs 53.4 Billion Green Energy Plan

The Bihar government has taken a major stride towards clean energy with the launch of two new policies and the signing of agreements totalling Rs 53.4 billion. These initiatives aim to generate 2,357 megawatts (MW) of renewable energy through solar, wind, battery storage, and other sustainable technologies.The Bihar Renewable Energy Policy 2025 and the Pump Storage Policy 2025 were officially introduced at an event in Patna. Designed to attract significant investment, the policies seek to position Bihar as a key centre for clean energy projects. Energy Minister Bijendra Prasad Yadav stated tha..

Next Story
Infrastructure Transport

Bids Invited for Rs 62.5 Billion Vizag Metro Project

The long-anticipated Visakhapatnam Metro Project has made significant progress, with the Andhra Pradesh Metro Rail Corporation inviting bids for the first civil contract under Phase 1 of the Vizag Metro. The estimated cost of this contract is Rs 62.5 billion.This engineering, procurement and construction (EPC) contract covers the design and construction of a 46.23 km viaduct spanning three corridors, including a 20.16 km double-decker four-lane flyover cum metro viaduct. The project also comprises 42 elevated metro stations across Visakhapatnam.Recently, SYSTRA Consultancy signed a Memorandum ..

Next Story
Real Estate

Oberoi Realty to Buy Hotel Horizon for Rs 9.19 Billion

A consortium led by Mumbai-listed Oberoi Realty Ltd is set to acquire debt-laden Hotel Horizon Pvt Ltd in Juhu, Mumbai for Rs 9.19 billion (approximately USD 107 million) under a resolution plan approved through India’s Insolvency and Bankruptcy Code (IBC).In a filing to the stock exchange, Oberoi Realty confirmed that the Committee of Creditors of Hotel Horizon had approved the resolution plan, following which a letter of intent was issued. The consortium also includes Shree Naman Developers and JM Financial Properties.As per the resolution plan, the consortium will make a payment of Rs 9.1..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?