Essar Oil (EOL) has emerged as a leading integrated oil and gas company spanning the entire value chain, from deep within the earth all the way to the end consumer. The company has three main divisions namely energy, offshore exploration and petroleum products. They have exploration and production (E&P) rights in some of India's most valuable oil and gas blocks.
Incorporated in 1989, it is part of the large Essar group which has several businesses; steel, power, communications, shipping and Logistics, ..etc. Essar Oil was one of the first private companies to bid for exploration blocks in 1993. They recognized the potential for Coal Bed Methane(CBM) in India as early as 1989 and undertook a detailed study of the CBM technology present in the U.S.A. for application to Indian coals.
Essar currently has four onshore and two offshore blocks for oil, gas and CBM exploration/development in India and Myanmar. The total acreage amounts to 13,800 square km of onshore and 4,000 square km of offshore in India and Myanmar respectively.
Results Update
Essar Oil has posted a (net loss) of Rs. (1660.00) million for the quarter ended September 30, 2011 as compared to net profit of Rs. 1300.00 million for the quarter ended September 30, 2010. Total Income has increased from Rs. 109640.00 million for the quarter ended September 30, 2010 to Rs. 131480.00 million for the quarter ended September 30, 2011.
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