Essar Oil has gained 5% to Rs 76.20 after the company said that the ministry of environment and forests has granted the phase-III clearance for the company’s Raniganj block in West Bengal, allowing it to increase drilling to 650 wells.
“This environment clearance allows the full field development of the Raniganj block, excluding forest area, and will enable the company to increase production to the targeted level of around 3 million standard cubic meters of gas per day (scmd), up from around 60,000 scmd currently,” Essar Oil said in a statement.
The company, which owns five blocks across the country and is the largest player in coal-bed methane (CBM) space in the country, hopes to start drilling on its Rajmahal gas field in Jharkhand, with reserves of 4.7 trillion cubic feet by next year.
The stock opened at Rs 73.50 and hit a high of Rs 76.75 on NSE. A combined 1.28 million shares have already changed hands on the counter till 0941 hours against an average 2.4 million shares that were traded daily in past two weeks.
“This environment clearance allows the full field development of the Raniganj block, excluding forest area, and will enable the company to increase production to the targeted level of around 3 million standard cubic meters of gas per day (scmd), up from around 60,000 scmd currently,” Essar Oil said in a statement.
The company, which owns five blocks across the country and is the largest player in coal-bed methane (CBM) space in the country, hopes to start drilling on its Rajmahal gas field in Jharkhand, with reserves of 4.7 trillion cubic feet by next year.
The stock opened at Rs 73.50 and hit a high of Rs 76.75 on NSE. A combined 1.28 million shares have already changed hands on the counter till 0941 hours against an average 2.4 million shares that were traded daily in past two weeks.
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