Eni’s Former Indian Oil Explorer Targets 12 Fold Sales Jump – Feedback

New production is critical for Hindustan Oil after its biggest field halted crude oil output in July 2011, dragging the company into losses.

Its revenue tumbled to 255 million rupees ($3.9 million) during the year to March from a peak of 3.5 billion rupees six years ago. Company is targeting annual sales of 3 billion rupees within three years led by production from the new fields and the revival of an older field in south India, Elango said.12-fold revenue increase is partly a consequence of Prime Minister Narendra Modi’s push to ease rules and speed up exploration with a goal to reduce the country’s oil imports. Eni acquired Hindustan Oil in 2008 through its acquisition of Burren Energy Plc.


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