Essar Oil plans to acquire around 1,000 acre land to drill 500 wells for the Rs 3,000-crore coal-bed methane (CBM) project at the Ranigunj block, according to a top official. The company has 180 acre and has drilled 85 wells for exploration. With the current land, it could drill another 70-75 wells, but for 400-500 wells for full fledged production of CBM it needs more land, the Essar officials said. Land prices had soared by 10 times since 2006 and the company is facing issues in direct negotiations with farmers along with pricing, reports indicate. Ranigunj block is the first CBM block with Essar of three blocks in Orissa, Jharkhand and Chattisgarh.
Contact: Essar Oil
Tel: +91-22-6660 1100
Web: www.essar.com
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