Team News Riveting
Mumbai/Durgapur, May 30
Essar Oil and Gas Exploration and Production Ltd (EOGEPL), India’s pioneering unconventional hydrocarbon (Coal Bed Methane) player, today reported 118 per cent jump in its revenue year-on-year (YoY) at Rs 148 crore in the fourth quarter ended March 31, 2022.
The company had posted a revenue of Rs 68 crore for the same quarter previous fiscal. Core EBITDA grew by 32 per cent quarter-on-quarter (QoQ) to Rs 115 crore from Rs 87 crore in the same quarter previous fiscal. Sales volume grew by 42 per cent YoY whereas sales price realization increased by 55 per cent YoY and Gas production grew by 17% YoY at ~0.77 mmscmd.
EOGEPL delivered a strong Q4 performance due to an increase in gas production after the commissioning of Urja Ganga pipeline with availability of 100% gas offtake further buoyed by tail winds in global gas prices.
Commenting on the above, Prashant Ruia, Director-Essar Capital and EOGEPL, said, “Along with sales realizations from direct gas production ramp-up, the company is exploring additional avenues to enhance the saleable volume. One of the key identified areas is to reduce internal consumption drastically. The company is maintaining a conscious approach to field upgradation which will be acting as a holistic rationalization of the cost while also adding to the company’s top line”
Along with strengthening the bottom-line of the company, the connectivity to the National Gas grid will also lead to a meaningful contribution to the domestic gas basket and to the state fiscal exchequer.
EOGEPL outlined that its growth remained broad-based and will have a robust momentum with technological trials in place. This period recorded the highest CNG and CBM quarterly sales for the company post COVID and the momentum is expected to continue. E&P sector is technology driven and EOGEPL has always been abreast with latest technology innovations in unconventional hydrocarbon development and marketing.
The company aims to participate in India’s vision of reducing the carbon footprint in the region and provide industries in the vicinity with alternate clean fuels at very economical prices.
