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Essar Oilfields begins drilling oil off Gujarat coast

Essar Oilfields Services (India) Ltd (EOSIL) today announced it has commenced work on a contract awarded by Mercator Petroleum to drill oil wells in the Cambay basin off Gujarat coast.

"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," Rajeev Nayyer, Chief Executive Officer (CEO) at EOSIL said.

The oilfield service subsidiary of Essar ShippingBSE 19.86 % expects to clock revenue of $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.

In addition to its 15 land rigs, EOSIL also operates the offshore rig, Essar Wildcatv, capable of drilling in water depths of up to 1,600 feet and drilling depth of up to 25,000 feet.

The semi-submersible rig has been deployed on a three-year contract with Oil and Natural Gas CorporationBSE 0.21 % (ONGCBSE 0.21 %) on the east coast of India, the company said.

Source: The Economic Times

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