New Delhi, November 5 (Language) Public sector Indian Oil Corporation (IOC) has acquired Mercator Petroleum for about Rs 148 crore in insolvency proceedings. The company gave this information to the stock market.
IOC said that IOC’s resolution plan for acquisition of 100 per cent stake in Mercator Petroleum Limited (MPL) has been approved by the Mumbai bench of the National Company Law Tribunal (NCLT).
MPL has an onshore oil and gas exploration block in the Gulf of Khambhat, Gujarat. Block CB-ONN-2005/9 was won by the company in the 7th NELP bid in 2008. It is likely to have 4.55 crore barrels of oil reserves.
This block is located at a distance of about 60 kilometers from IOC’s Koyali Refinery Block.
Bhasha Pandey Ajay