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Essar Oilfields announces drilling on Mercator Petroleum contract

Gasoil News - Published on Thu, 28 Dec 2017

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Essar Oilfields Services (India) Ltd (EOSIL) announced that it has commenced work on a contract awarded by Mercator Petroleum to drill oil wells in the Cambay basin off Gujarat coast. Mr Rajeev Nayyer, Chief Executive Officer (CEO) at EOSIL said that “Along with other drilling contracts that we have commenced this fiscal, the Mercator contract will add substantially to our topline growth. We are well placed to capitalise on the upswing that we see in the oil & gas exploration sector and drive sustainable growth.”

The oilfield service subsidiary of Essar Shipping expects to clock revenue of USD 48 million in the current financial year on the back of multiple drilling contracts bagged recently.

The company has deployed its latest rig for drilling the first well for Mercator which is capable of drilling up to a depth of 11,000 feet.

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Posted By : Rabi Wangkhem on Thu, 28 Dec 2017
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