Megha Engineering and Infrastructure (MEIL) has acquired rights to develop two offshore mega oil fields in Gujarat and Assam. Under the award agreement, MEIL will develop, maintain, and commercialize operations. Khambel Oil Field is in Khambe Basin, located off the west coast of Gujarat, and Lakshmi Zen Field is in the northeastern Arcan Basin in Assam. The plan is to complete drilling of wells by end of 2018 and start the commercial operations by 2020. MEIL will invest approximately $100 million, to be raised from internal accruals, in the coming 2 years. Apart from drilling wells for crude-oil exploration, MEIL is also planning to establish required treatment and effluent plants for purifying oil and gas in these two oil fields. It would transport and sell this purified oil and gas to public-sector companies and other related industries.
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