AESL wins contract for acquisition of 3D seismic data

Asian Energy Services Limited (AESL) has received the letter of award for a contract worth Rs 782.4 million from Oil and Natural Gas Corporation Limited (ONGC) for 3D seismic data acquisition services in Gujarat. Besides, the work is likely to start post- monsoon near Nardipur village in Kalol taluka of Gandhinagar district in Gujarat and the majority of work is expected to be completed in 2023-24. AESL is the first company in Asia-Pacific and the Middle East to implement cable-free real-time seismic data collection technology. It is also the first Indian seismic company to execute several seismic operations in India, Indonesia, and Iraq at the same time. Moreover, AESL has entered the upstream oil and gas production (E&P) market, broadening its capabilities across the whole upstream value chain. With the addition of the E&P business vertical, AESL will be able to improve its cash flow visibility and diversify its cash flows beyond its existing seismic, oilfield operation and maintenance, and infrastructure services verticals.