Financial Daily from THE HINDU group of publications
Tuesday, May 10, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 10, 2005 |
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Corporate
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Alliances & Joint Ventures Essar Oil signs exploration pacts with Myanmar Our Bureau
Mumbai , May 9 ESSAR Oil Ltd (EOL) has signed two Production Sharing Contracts (PSCs) with the Government of Myanmar for oil exploration in two blocks — one offshore and the other onshore. With this, Essar Oil has become the first Indian private sector company to conclude an agreement in this sector in Myanmar. Essar Oil's bid for the two contiguous exploration blocks in offshore (Block A2) area and adjoining on land area (Block L) was made after detailed examination of geo-scientific data at MOGE office in January 2005 by the Essar Oil team. According to company press release, the blocks are ideally located between proven gas blocks and aligned along the regional corridor of gas discoveries, south of Bangladesh. The Rakhine coast lies along the eastern side of these blocks, providing favourable logistic support. Essar Oil plans to conduct a feasibility study, which will cover collection of geological, seismic and well drilling data, reprocessing and reinterpretation. The feasibility report is expected to be ready in 12 months. Essar Oil is a fully integrated oil company with operations covering the entire value chain of oil exploration to retailing of petroleum products. It is in the process of setting up a 10.5-million-tonne per annum refinery at Vadinar, Gujarat. It plans to set up 2,500 retail outlets by mid 2006, which will further be increased to 5,000 2008. At present, the company runs over 500 retail outlets across the country.
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