Indian Oil Corporation (IOC) has acquired Mercator Petroleum for about Rs 148 crore in an insolvency proceeding. As per the resolution plan, the company will pay Rs 135 crore to secured financial creditors, who had admitted claims of Rs 291 crore.
IOC acquires Mercator Petroleum for Rs 148 crore financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Indian Oil Corporation (IOC) has acquired Mercator Petroleum for about INR 148 crore in an insolvency proceeding. As per the resolution plan, the company will pay INR 135 crore to secured financial creditors, who had admitted claims of INR 291 crore.
Three Indian firms sign oil exploration deals
Three Indian companies inked production sharing contracts (PSC)on offshore oil and natural gas exporation in Naypyitaw last week. Mercator Petroleum Ltd, in consortium with Oil India Limited, OilMax Energy Pvt Ltd and local firm Oil Star Management Service Co Ltd, entered into agreements with Myanma Oil & Gas Enterprise for Block M-4 (Moattama Offshore Area) and Block YEB (Tanintharyi Offshore Area). Both the blocks are in shallow waters with a vast area wherein Block M-4 covers approx 10,380 sq km and Block YEB covers 21,297 sq km. The companies will spend $120.9 million in one year observation period and six months exploration period for the two blocks.