OIL Contract For Seismic Data Acquisition in Rajasthan Basin Awarded To Asian Energy Services

New Delhi, Sep 30 (KNN) Asian Energy Services Ltd. (AES) announced today that it has been awarded a major contract by state-owned Oil India Ltd. for 2D Seismic Data Acquisition over an expansive area of 4,300 line kilometers (LKM) in the Rajasthan Basin. 

The contract, valued at approximately Rs 82 crore, forms a key part of the government's Mission Anveshan initiative, aimed at enhancing India's energy exploration capabilities. The project is slated to be completed within 18 months.

Kapil Garg, Managing Director of Asian Energy Services, expressed his enthusiasm for the project, stating, "We are thrilled to have secured the 2D seismic order, a significant step in reinforcing our presence within the industry. 

We remain steadfast in our commitment to actively pursue the right opportunities across every business segment and are continuously striving to enhance our capabilities and deliver excellence across the board."

The newly awarded contract contributes to the growing portfolio of AES, whose total order book now stands at around Rs 1,000 crore. Asian Energy Services is recognised for its specialised geophysical and seismic expertise, offering a range of onshore services, including acquisition, imaging, and field evaluation. 

The company also provides two-dimensional (2D) and three-dimensional (3D) seismic data acquisition services, along with EPC (Engineering, Procurement, and Construction) and O&M (Operations and Maintenance) solutions to various oil and gas production companies.

The involvement of Oil India Ltd., a Maharatna public sector undertaking under India's Ministry of Petroleum and Natural Gas, underscores the strategic importance of the project. 

As of June 30, 2024, the Government of India held a 56.66 per cent stake in Oil India, which is one of the country's largest oil exploration and production companies.

Following the announcement, shares of Asian Energy Services rose by 0.31% to Rs 368.20 on the Bombay Stock Exchange (BSE), while shares of Oil India slipped by 2.05% to Rs 573.45.

This new contract is expected to further strengthen Asian Energy Services’ position in India's rapidly evolving energy sector, as the company continues to expand its seismic data acquisition capabilities and service offerings.

(KNN Bureau)