Varun bags Essar Oil contract for oil exploration in Myanmar

Chennai, Dec 18 (UNI) Varun Industries Limited, a leading exporter of stainless steel utility items, has bagged a contract worth more than Rs 50 crore from Essar Oil Limited.

Varun Industries would drill three ultra-deep exploratory wells in "L" Block of Sittwe Region of Myanmar using its state-of-art drilling rig, a company release here today said.

Essar was having 100 per cent ownership of the block. Drilling was likely to commence in April next. The modern rig was capable of drilling up to 6,000 meter.

Varun would also operate an ONGC-owned rig at Ankleshwar in Gujarat as operation and maintenance contractor (O&M) with effect from December 20, 2007. The contract was for three years firm duration.

UNI