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Essar Oilfield Services eyes 20pct jump in revenues next fiscal

Gasoil News - Published on Wed, 17 Jan 2018

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PTI reported that Essar Oilfield Services Ltd is eyeing a 20 per cent jump in revenues next fiscal as the country's focus on raising domestic output propels a stagnant rig hire market. The company, which owns 16 rigs used for drilling of oil and gas, is expected to end the current fiscal with a revenue of Rs 300 crore, up from INR 105 crore in the previous year, its CEO Mr Rajeev Nayyer said.

Mr Nayyer said that "In the next fiscal, we are expecting a 20 per cent rise in revenues to INR 360 crore" as more of the company's rigs are hired by explorers.”

He said that of the 16 rigs it holds, 15 are on-land drilling rig and one is submersible rig. Three of the on-land rigs are in Dubai and out of the remaining 12, the company expects at least eight to be hired by explorers.

He added that the company's offshore semi-submersible rig, the Essar Wildcat, is already deployed on a three-year contract with state-owned Oil and Natural Gas Corp (ONGC) since May 2017.

Public and private sector firms are stepping on gas to explore and produce more oil and gas as they look to meet Prime Minister Narendra Modi's target of cutting import dependence by 10 per cent by 2022.

Currently, India imports over 80 per cent of its oil needs.

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Posted By : Rabi Wangkhem on Wed, 17 Jan 2018
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