Essar Oilfields eyes 35% rise in FY19 revenue with GAIL as oil rig partner

GAIL deal is for drilling three firm plus two optional wells in Gujarat's Cambay basin; work likely to start in April-May

With Essar Oilfields announcing a contract with GAIL India for an oil drilling rig, the company is looking at a 35 per cent increase in its revenue in 2018-19. The GAIL contract is for drilling three firm plus two optional wells in Gujarat’s Cambay basin. Drilling for the project is expected to commence in April-May 2018.

The company has signed a series of onshore and offshore drilling contracts in FY18 with companies like GAIL, ONGC, Oil India and Mercator Petroleum.

With these contracts, the company is expecting to grow its revenue to Rs four billion in FY19, or