State-owned Indian Oil Corporation (IOC) has acquired Mercator Petroleum for about Rs 148 crore in an insolvency proceeding, according to regulatory filings by the company.
“The resolution plan submitted by IOC for acquisition of 100 per cent stake in Mercator Petroleum Limited (MPL) has been approved by the National Company Law Tribunal, Mumbai Bench vide its order dated November 2, 2023 under the relevant provisions of the Insolvency and Bankruptcy Code, 2016,” the firm said in the filing.
MPL has an onland oil and gas exploration block located in Cambay Basin, Gujarat. The block CB-ONN-2005/9, which the company had won in 7th NELP bid round in 2008, has potential oil discovery of 45.5 million barrels of inplace reserves.
