Gautam Adani-led Adani Total Gas Ltd, headquartered in Ahmedabad, Gujarat reported around a 19 per cent rise in its net profit during the March quarter. In addition to this, an oil drilling rig is being operated under the aegis of MEIL. All these factors point towards a potential uptick in Gujarat’s gas and oil industry
As the second wave of covid-19 hit the country, India’s crude oil and natural gas production fell by around 5.2 per cent and 8.1 per cent respectively in FY21. Despite that, the state of Gujarat anticipates a relatively positive trend and this can be attributed to the government as well as private companies like Adani Total Gas Ltd, led by Gautam Adani and MEIL.
Adani Total has reported around a 19 per cent rise in its net profit during the March quarter – a time when the entire oil and gas industry has been grappling with the pandemic. Suresh P Manglani, CEO of Adani Total Gas Ltd,headquartered in Ahmedabad, Gujarat, cites robust physical infrastructure growth to be a key factor behind this.Furthermore, Gautam Adani said that the outstanding results are a testament to the excellent synergy between Adani and Total.
Though based in Ahmedabad, the company has been expandingits presence to around 15 geographical areas. It has continued to supply piped natural gas and CNG along with safely handling all operations and emergencies 24×7, even amid the pandemic.
Another company that has been making unparalleled contribution to the state’s gas production is Megha Engineering & Infrastructures Ltd (MEIL).It recently built an oil drilling rig at Kalol oil fields in Ahmedabad, the operation of which has already started. With this, MEIL became the first private company to manufacture and use rigs for oil and fuel extraction by leveraging technology.
The rig is a part of theRs 6000 crore-worth tender that MEIL received in 2019, for manufacturing around 47 drilling rigs. With a life span of over 40 years, these rigs can easily dig up to 4 km deep oil wells from the ground surface. The project is aimed at increasing the domestic oil production for reducing imports and dependence on other countries for machinery.
Apart from firms like MEIL and the Gautam Adani-led ATGL, the government is also planning to boost the oil and gas industry. Currently, a project is underway at the Gujarat refinery of IndianOil wherein H-CNG (Hydrogen-CNG) will be leveraged as a technology for various applications including automotive and domestic cooking. Such efforts will undoubtedly contribute to the overall oil and gas industry of the country.