Essar Oil & Gas

NCLAT halts insolvency process against Essar Oil and Gas Exploration

Essar Oil said it had made the final payment prior to the insolvency petition's admission. It said it reported a turnover of Rs 800 crore and had 425 employees

Essar onboards Topsoe as partner for UK industrial carbon capture facility

Essar Oil UK on Friday announced the selection of a second key licensor technology provider, Denmark-based Topsoe, for setting up an industrial carbon capture facility as part of its planned energy transition project at Stanlow, UK. Topsoe will provide its sustainable flue-gas treatment technology SNOXTM, the company said in a statement. "This is a pivotal step towards Essar Oil UK's USD 1.2 billion investment in decarbonising the refinery by reducing about 2 million tons of CO2 emissions, making it the world's first low carbon refinery and a producer of low carbon fuels," it said. Essar had earlier this year created a new entity to drive low carbon projects in the UK and India over the next five years. Essar Energy Transition (EET), the new unit, would invest across its site at Stanlow, between Liverpool and Manchester and in India for developing low carbon energy transition projects. Deepak Maheshwari, CEO of Essar Oil UK, said, "We are ready to move into the next phase of Essar

Essar Oil & Gas profit jumps 51% to Rs 335 cr in FY23 on higher prices

Essar Oil and Gas Exploration and Production Ltd (EOGEPL) on Monday reported a record net profit of Rs 335 crore in the financial year ending March 31, helped by reduced operating costs and higher prices. Net profit of Rs 335 crore in 2022-23 compared with Rs 212 crore net profit in the previous fiscal, the company said in a statement. The unconventional hydrocarbon producer reported its highest fiscal revenue of Rs 900 crore in FY23, a growth of about 1.8 times compared to the previous year. EBIDTA grew over 205 per cent on a YoY basis to about Rs 700 crore. "The EBITDA margin saw a significant improvement of around 3,100 basis points, reaching 77 per cent, due to reduced operating costs and internal consumption," it said. EOGEPL currently produces two-thirds of India's gas output from coal seams, called coal bed methane (CBM). It plans to invest Rs 2,000 crore in the next 18 to 24 months for drilling 200 more wells, which will help swell output. It produced 0.84 million standar

Essar to invest Rs 2,000 cr in Bengal's Raniganj brownfield CBM project

Essar Oil and Gas Exploration and Production Ltd (EOGEPL) will invest another Rs 2,000 crore in the next 18 to 24 months in its coal bed methane project in West Bengal's Raniganj, an official said. The company earlier had already invested Rs 5,000 crore in the Raniganj block in drilling 350 wells and producing nearly 0.9 million metric standard cubic metres (mmscd) of gas per day. Chief executive officer (CEO) of EOGEPL, Pankaj Kalra, told PTI that another investment of Rs 2,000 crore will be made for drilling 200 more wells in the next 18 to 24 months. "We are employing the latest technology in the existing wells to ramp up production from 0.9 mmscd to 1.3 mmscd which will be completed in a few months ", Kalra said. Total CBM production from Ranigunj will touch around three mmscd when the additional wells become operational, Kalra added. He said the company is currently contributing nearly 65 per cent to the country's total CBM production, which is likely to go up to 90 per cen

After debt resolution, Essar Oil lines up Rs 1,200-crore capex

Post implementation of its resolution plan in December 2022, the company has been making debt repayments for the last two quarters ended March 2023

As politics shapes policy, India's private fuel retailers run on fumes

quasi-administered price regime and the imposition of Universal Service Obligations is complicating their business plans

Essar Oil & Gas eyes new consumers for its CNG business in Unlock 1.0

Currently, the company has around 20 consumers, based in and around Durgapur in West Bengal

Essar plans to ramp up CBM production as GAIL pipeline nears completion

The Raniganj coal block is India's most prolific coal-bed methane block that has already achieved daily gas production of more than 1 million scmd

After CBM deal with GAIL, Essar Oil & Gas eyes shale extraction

Essar Oil & Gas Exploration and Production (EOGEP) is readying a proposal for extraction of shale gas from the Raniganj coalfields.It will place this before a steering committee for consideration this month. Currently, it extracts only coal bed methane (CBM) from this block."This committee comprises representatives from the ministry, the office of the Directorate General of Hydrocarbons and the operator," said Vilas Tawde, chief executive officer at EOGEP.In March 2016, the central government approved a Hydrocarbon Exploration and Licensing Policy (HELP). The aim was to enable a uniform licence for exploration and production of all forms of hydrocarbons for an operator. It was thought that this would enable the contractor or licence holder to explore conventional as well as unconventional oil and gas resources -- including CBM, shale gas, tight gas and gas hydrates -- under a single licence. HELP also proposed to do away with the conventional cost recovery and production-linked ..