Gujarat Natural Resources Launches Ambitious Oil Drilling Campaign

Gujarat Natural Resources Limited (GNRL) has unveiled a major strategic initiative aimed at significantly boosting its oil reserves. The company plans to launch a 7-well drilling campaign in February 2025, with the primary goal of upgrading its oil reserves to the proven category, targeting an excess of 20 million barrels.

This ambitious project comes with a substantial investment, as GNRL estimates the drilling initiative will cost approximately 690 million rupees. The company's decision to undertake such a large-scale operation reflects its confidence in the potential of its oil fields and its commitment to expanding its resource base.

The announcement has sparked interest in the energy sector, as successful execution of this plan could potentially position GNRL as a more significant player in India's oil and gas industry. Investors and industry analysts will be closely monitoring the progress of this drilling campaign and its impact on GNRL's market position and financial performance.

 

Source: Company Announcement