Business

Essar Oilfields Bags Rs 280 Million Contract From GAIL

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| February 21 , 2018 , 18:01 IST

Essar Oilfields Services India Ltd announced on Wednesday that it has bagged a contract of Rs 28 crores from the state gas company GAIL India to drill three firm wells and two optional wells in the Cambay Basin in Gujarat.

Essar said in a statement that drilling for the project is expected to start in April-May 2018. The company on course to meet FY19 revenue target of Rs 400 crore.

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The statement said, "Essar Oilfield Services India Ltd (EOSIL) today (Wednesday) has been awarded a contract of Rs 28 million by the Gas Authority of India Ltd (GAIL) to drill three wells plus two optional in the Cambay basin of Gujarat."

EOSIL CEO Rajeev Nayyer said, “This contract, the fourth that we have signed this fiscal, yet again validates our credentials as a world-class drilling contractor. Both public and private sector oil majors have intensified exploration activity in India, and they have reposed faith in us for their drilling needs. After having signed back-to-back contracts with clients of this stature, we are poised to bag more such assignments and grow further in the next fiscal.”

According to EOSIL, the company has signed a series of onshore and offshore drilling contracts in the current fiscal year with clients such as GAIL, Oil & Natural Gas Corporation Ltd (ONGC), Oil India Ltd and Mercator Petroleum Ltd.

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"With the projects in the pipeline, the company expects to increase its revenues to Rs 400 million in the 2019 financial year, which is 35% more than the current fiscal year," the statement added.

Essar Global Fund is a global investor, controlling a number of world-class assets diversified across the core sectors of Metals & Mining, Energy, Infrastructure, and Services.