Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Onshore Oil Blocks News

31 Dec 2012

Offshore W. Africa Drilling Contract

Elenilto, with state oil company Petrosen, awarded Production Sharing Contract (PSC) by the Government of the Republic of Senegal. The contract is to develop the prospective Senegal Offshore Sud Shallow Oil block. Elenilto will be the operator of the block and Petrosen will have minority participation interest in the project. The block is 7,920 sq km and is located in Southern Senegal Casamance offshore basin. Oil Resources volumetric assessment based on reprocessed 2D seismic coverage indicates potential of 500-800 million barrels of oil in first priority leads. Other deeper possibilities are highly likely and will be explored by Elenilto, who have selected two areas of interest as first priority for immediate further exploration and they intend to begin the 3D seismic survey shortly.

17 Nov 2011

Mercator Announces H1 Results

For the half year period ended 30th September, 2011, Mercator Lines Ltd. registered 25% growth in Total Income which stood at Rs.1584 crores (Rs.1268 crores). The Consolidated Net Profit for the period stood at Rs.21.41 crores (Rs.113.22 crores). During the period, the Coal Division contributed 58% revenue while Dry Bulk contributed 22%; Tanker 10%; Dredging 5% and Offshore Division 5%. The coal volumes are expected to further improve in the coming quarters. The recent coal mine acquired in Indonesia would commence commercial operations in the last quarter of FY12. The Oil and Gas Division has successfully commissioned FPU unit in Nigeria and the operations are doing well as per schedule. Exploration activities of two onshore oil blocks in Gujarat are on schedule.