After stitching a deal to sell 49 per cent stake in Essar Oil to RussiaÂ´s Rosneft, the Ruia family is looking at selling another 25 per cent stake in the company to an oil trader or a strategic investor like Saudi Aramco.
Hindsight: This was a reasonably good year for O&G in general, in particular for India. The government has performed very well. For the first time, it took some concrete and bold steps, and ensured deregulation of transportation and petrol, distinguished bulk from retail transport. There is some disparity there, needing some practical solutions.
ItÂ´s been a good year for O and G, setting the right agenda for reforms and increased private participation in exploration, says LK Gupta, MD and CEO, Essar Oil, in a conversation with Shashidhar Nanjundaiah.
Will you participate in the upcoming 10th round of NELP?
We have not yet taken a call. If we find value, we will consider it. We are currently more focused on completing our Ranigunj CBM fields and running our Vadinar refining plant optimally. This is a period where we are preparing for f
India's Essar Oil and Ecopetrol, the Colombian gas major and the fourth-largest oil and gas company in Latin America, are set to cement ties. Ecopetrol's three-member delegation, along with the ambassador of Colombia to India and other senior officials held extensive meetings with Essar Oil on September 18 in Mumbai.
Essar Oil, a fully integrated oil and gas company of international scale, reported a net loss of Rs 863 crore in Q1 June 2013, lower than net loss of Rs 1,518 crore in Q1 June 2012. Revenue rose 12 per cent to Rs 24,721 crore in Q1 June 2013 over Q1 June 2012, on the back of 15 per cent improvement of throughput, which stood at 5.14 million metric tonne (mmt) in Q1 June 2013, against 4.48 mmt in Q1 June 2012.
Petroleum Minister M Veerappa Moily informed in Rajya Sabha that Indian Oil Corp (IOC) agreed to import 1.2 million tonne crude oil from Iran in 2013-14 compared to 1.566 million tonne in the previous year. This represents a fall of over 23 per cent in crude oil import by IOC from the Persian Gulf nation. During April-June 2013, the firm imported 0.577 million tonne of oil from Iran. It may be noted that IOC is India's third
India's imports of crude oil from Iran more than halved in June from a year ago as refiner Essar Oil became the only remaining Indian client of the sanctions hit country. Tanker data showed that India's imports for June fell about 60 per cent on an annual basis, pointing to imports from Iran's top four customers-China, Japan, India and South Korea of around 8,60,000 barrels per day for the month down more than a third on the year.
In the next two years, about 6.5 million standard cubic meters per day of coal bed methane (CBM) could be produced by Essar Oil and Reliance Industries from their respective blocks. This output is enough to generate about 1,573 mw of power, reports indicate. 1 mmscmd gas can generate 242 mw power, reports indicate