Mumbai: Buoyed by the Union Cabinet clearing a policy allowing operators to explore all unconventional hydrocarbons in the existing field, Essar Oil and Gas Exploration and Production Ltd (EOGEPL) plans to invest 7,000 crore to develop shale gas potential in its existing coal-bed methane (CBM) block at Raniganj, West Bengal, said a company executive.

Mumbai: Essar Oil and Gas Exploration and Production Ltd is planning to sell as much as 30% in its flagship coal-bed methane (CBM) block in Raniganj, West Bengal, said two people familiar with the development. Essar Oil, which completed the $12.9 billion sale of its refining and distribution business to a consortium led by Russia’s Rosneft PJSC last August, operates the coal-based methane business and a refinery in the UK.

Essar Oil UK, the operator of Stanlow refinery, reported a 4.2% year-on-year fall in net profit for FY18 to $161 million, while earnings before interest, tax, depreciation and amortisation (Ebitda) fell 4.2% to $300 million on account of planned shutdown of the refinery for two-and-a half months. The shutdown also impacted the throughput that fell 20.9% to 7.19 MMTPA.

Essar Oil UK, one of the leading dowstream energy company in the UK running Stanlow Manufacturing Complex refineries, has posted a 4.2 per cent dip in net profit for the financial year 2017-18 as compared to the previous financial year.

The company posted a net profit of Rs 10.37 billion during the period under review, as against Rs 11.25 billion during the year 2016-17.

Essar Oil has said is was seeking approval to change its corporate identity to Nayara Energy. Essar Oil said the term coined from ‘naya’ (new) and ‘era’ strongly signifies its vision to succeed in the Indian and global energy markets. The adoption of the new name is subject to all requisite approvals, the company said. The majority stake in Essar Oil was acquired by Rosneft and a consortium led by Trafigura and UCP in August 2017.

New Delhi, Apr 26 () Ruia family-owned Essar Oil and Gas will invest Rs 900 crore in drilling 150 more wells on its Raniganj CBM block in West Bengal to more than double gas output to 2.3 million standard cubic metres per day by 2021, its Managing Director and CEO Vilas Tawde said.

Essar Oil and Gas Exploration and Production Ltd (EOGEPL) has so far drilled 348 wells on the blocks and is producing 1 mmscmd of gas from coal seams.

Thanks to decontrol of auto fuel prices and the reduced threat of a return of rigorous regulations, Reliance Industries and Essar Oil (Rosneft) have fast-tracked the process of strengthening their fuel retail network. These private-sector companies, which currently have a little over 5,550 retail fuel outlets —less than 10% of the total — will together add another 2,500 over the next couple of years.

New Delhi, Apr 16 () Essar Oil (UK), which owns and operates Britain's Stanlow Refinery, will touch double-digit margins this fiscal after it completed a USD 250 million investment in upgradation of the refinery, its chief executive S Thangapandian said.

The company, controlled by Ruia-family of Mumbai that sold Essar Oil to Russia's Rosneft for USD 12.9 billion, has completed efficiency enhancement programme, the Project Tiger Cub, following which Stanlow's annual crude oil processing is projected to go up to 72 million barrels per day from 68 million bpd, he said.

Essar Oil UK, one of the leading downstream energy companies in the UK, which owns and operates Stanlow Manufacturing Complex refineries, has said it is planning to increase its jet fuel production as the country is moving towards having a large share of electric vehicles by 2040.

“Our share in the jet fuel business is going to increase. We are not looking at product diversification but plan to make higher value products,” said S Thangapandian, chief executive officer, Essar Oil UK.

Mumbai: Oil and gas companies are boosting production of coal bed methane (CBM) gas that they are free to sell at market prices.

Natural gas price is capped at $2.89 per mmBtu by the government, while CBM gas fetches $5.7-$10.64 per mmBtu.

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