Vedanta gains on discovering natural gas in Gujarat
Vedanta rose 2.17% to Rs 280.30 after the company said it had made a natural gas discovery in a block in Gujarat that it had won in the open acreage licensing policy (OALP) round.
Vedanta has notified the Management Committee, DGH and Ministry of Petroleum and Natural Gas on 23 August 2021 of a gas & condensate discovery (named ‘Jaya’) in its exploratory well Jaya-1 (earlier Jambusar-Updip-1) drilled in OALP Block CB-ONHP/2017/2 in Bharuch District of Gujarat.
The approval of management committee has also been sought. The block was awarded to the company in October 2018 and is one of the 41 blocks awarded to it in OALP-I round of bidding. The company holds 100% participating interest in the block.
Jaya-1 (earlier Jambusar-Updip-1) is the third well drilled in Gujarat and second hydrocarbon discovery notified by the Company under the OALP regime. Further evaluation will be carried out to assess potential commerciality of the discovery, the company said.
Vedanta’s consolidated net profit soared 247% to Rs 5,282 crore on a 79.2% jump in net sales to Rs 28,105 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).
Vedanta, a subsidiary of Vedanta Resources, is one of the world’s leading oil& gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa, Namibia, and Australia.