StockMarketWire.com - Indian oil and gas play Indus Gas has reported increased profit in the six months to 30 September 2019.
Adjusted revenue, operating profit and profit before tax came in at $27.69m (2018: $27.78m), $26.30m (2018: $23.42m) and $26.11m (2018: $23.57m) respectively.
The company has also noted that the Petroleum & Natural Gas Regulatory Board have invited bids for the laying of a gas pipeline from its RJ-ON/6 Block for a new pipeline route so that the pipeline tariff is minimised.
Approvals from the Directorate General of Hydrocarbons and government had already been received for the development and enhanced production covering a total field area of 2176 square km with approved gas reserves of 1.8 trillion cubic feet.
Peter Cockburn, Chairman of Indus, said: 'While the approval of an integrated Field Development Plan for SSG and SSF and a revised FDP for SGL is already in place, the evacuation of gas through a new pipeline at an appropriate tariff will accelerate the monetisation of our gas reserves.'
Story provided by StockMarketWire.com
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