Essar Oil Reports Highest Ever Quarterly Revenue And EBITDA

| Updated: May 30, 2022 4:10 pm

Essar Oil and Gas Exploration and Production Ltd (EOGEPL), India’s hydrocarbon (Coal Bed Methane) player, reported a 118 percent increase in revenue year on year in the fourth quarter ended March 31, 2022, at Rs 148 crore. In the previous fiscal quarter, the company earned Rs 68 crore in revenue.

Experts are of the opinion that EOGEPL delivered a strong performance due to increase in gas production after the commencement of work at Urja Ganga pipeline with the availability of 100% gas offtake roused by the upward trend in global gas prices. 

“Along with sales realisations from direct gas production ramp-up, the company is exploring alternative avenues to expand the saleable volume,” Prashant Ruia, Director-Essar Capital and EOGEPL, stated. 

Internal consumption reduction is one of the important areas that has been highlighted. The company is taking a deliberate approach to field upgradation, which will serve as a comprehensive cost rationalisation while also contributing to the company’s bottom line.”

In addition to improving the company’s financial line, the company’s connection to the National Gas grid will result in a significant contribution to the domestic gas basket and the state’s budgetary exchequer.

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