Wednesday, March 05, 2008

Essar Oil wins Vietnam offshore block, to invest 60 mln usd over 5 yrs

MUMBAI (Thomson Financial) - India's Essar Oil Ltd said its unit Essar Exploration & Production Ltd Mauritius was awarded an offshore block in Vietnam's Song Hong basin and that it would invest around 60 mln usd in exploration over five years.
The block, measuring around 5,925 square kilometres, was awarded under a recent licensing round where 7 offshore blocks were on offer, Essar said in a release.
At 1.48 pm local time, Essar Oil was trading down 3.84 pct at 231.45 on the BSE Sensex, underperforming the overall market that was down 1.93 pct at 16,355.19.