According to a release issued by the company to the BSE today, "the company's foray into exploration and production activities has started yielding revenues. Initially, it is expected to be in the order of Rs 18 crore per annum, which would increase four-fold in subsequent years," the release added.
Initial production from the field, which has 50% partnership interest of Gujarat State Petroleum Corporation (GSPCL), is around 350 barrels per day, which is expected to increase up to 1,500 barrels per day in the future. "Oil is being dispatched to Koyali refinery of IOC via ONGC's central tank farm at Navagam, Gujarat through tankers and pipelines," the release said.
