Essar Oil Mulls To Infuse $130m This Fiscal - June 4, 2008

Essar Oil is building up its oil exploration and production business, aligning a work programme in the current phase of existing blocks to the tune of $290 million. Out of this, the company mulls to infuse $130 million in the current fiscal. The work programme comprises seismic operations in Assam, Madagascar, Nigeria and Vietnam, drilling of wells in Raniganj and Mehsana and development of Ratna fields. Essar is also look into and evaluating exploration and production opportunities globally, focussing on West Asia , South East Asia, Australia, China, the Indian sub-continent, South America, Eastern Europe and Russia. More than 15 crore holes have been drilled and coal tested for permeability and gas content in Raniganj, while drilling of 15 test wells is in progress. Its exploration and production assets comprise 70 per cent ownership in Mehsana block, 63 per cent interest in offshore block (OPL 226) in Nigeria and 100 per cent in offshore block (114) in Vietnam, apart from two exploration blocks in Assam, three in Madagascar and another in Durgapur, West Bengal some of these assets are under transfer at present