Mercator Petroleum (MPL), a wholly-owned subsidiary of Mercator has initiated the preliminary technical discussion with Director General of Hydrocarbons (DGH) on the Field Development Plan for wells Jyoti 1 and 2. The Field Development Plan, submitted on 3 November 2017, was for an area of 24 sq km (out of 130sq km) and for an estimated reserves of 23 million barrel of recoverable Oil.
The company has completed drilling in additional 5 wells and will be commencing the drilling process in the 8th well from December 2017. The production testing of the next 3 wells is planned during Q4FY18 and the company is on track for commercial production by first half of CY18.
Mercator is one of India's largest private sector Dredging Company. The group has a presence in varied segments namely shipping, offshore services, oil exploration and production, dredging, coal mining/trading and logistics.