IOCL acquires MPL worth Rs 1.48 billion

IOCL has acquired Mercator Petroleum Limited (MPL) in an insolvency proceeding for Rs 1.48 billion. In 2008, MPL had won CB-ONN-2005/9, an oil and gas exploration block in Cambay Basin, Gujarat, with a potential oil discovery of 45.5 million barrels of inplace reserves.