Mumbai 26 Dec (IANS) Essar Oilfields Services (India) Ltd (EOSIL) on Tuesday announced that it has started work on a contract awarded by hydrocarbons explorer Mercator Petroleum to drill two firm oil wells plus one optional oil well in Gujarat s Cambay Basin.
An EOSIL release here said that with the company commencing a few other drilling contracts during the current fiscal EOSIL is expecting to clock revenues of $48 million in this fiscal.
"EOSIL today announced that it has commenced a contract awarded by Mercator Petroleum to drill two firm oil wells plus one optional oil well in the Cambay Basin " the statement said.
"With the company commencing a few other drilling contracts in this fiscal EOSIL is expecting to clock revenues of $48 million in this fiscal " it added.
Mercator Petroleum owns two oil and gas blocks in the Cambay basin and also operates offshore oil blocks.
According to the company the newest land rig in company s fleet the Essar Rig MR01 (1000 HP) has started drilling the first well for Mercator .
"A trailer-mounted mechanical rig that is capable of drilling up to a depth of 11 000 ft it has proved to be an outstanding performer during its six exploratory well contracts with Bharat Petro Resources."
"This contract bears testimony to Essar s 25-year expertise in the contract drilling business that is backed by world-class assets " EOSIL Chief Executive Rajeev Nayyer said.
In addition to its 15 land rigs EOSIL also operates an offshore rig that is semi-submersible and capable of drilling in water depths of up to 1 600 feet and drilling depths of up to 25 000 feet which is currently deployed on a three-year contract with state-run explorer ONGC the statement added.
--IANS
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