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Varun industries bags Essar Oil contract for oil exploration
By siliconindia
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Wednesday, 19 December 2007, 20:30 IST
Chennai: Varun Industries, an exporter of stainless steel utility items, has bagged a contract worth more than $12.5 million (Rs 50 crore) from Essar Oil.
The company would drill three ultra-deep exploratory wells in "L" Block of Sittwe Region of Myanmar using rig, said a company release.
Essar is having 100 percent ownership of the block. Drilling is likely to start in April next year. The modern rig is capable of drilling up to 6,000 meter.
Varun industries would also operate an ONGC-owned rig at Ankleshwar in Gujarat as operation and maintenance contractor (O&M) with effect from December 20, 2007.
($1 = Rs 40)