(Alliance News) - Indus Gas Ltd said Tuesday its pretax profit rose in the first half, while revenue decreased slightly.
For the six months ending September 30, the India-focused oil & gas firm said its pretax profit rose to USD26.1 million from USD23.6 million a year before, as administrative costs dropped to USD303,970 from USD1.1 million.
However, revenue decreased slightly to USD27.7 million from USD27.8 million the prior year.
The company said that India's Petroleum & Natural Gas Regulatory Board has invited bids for the laying of a gas pipeline from RJ-ON/6 Block in Rajastan for a new pipeline route so that the pipeline tariff is minimized.
Approvals from the Directorate General of Hydrocarbons and the government had already been received for the development and enhanced production covering a total field area of 2,176 square kilometers with approved gas reserves of 1.8 trillion cubic feet.
Peter Cockburn, chair of Indus, said: "While the approval of an integrated field development plan for SSG and SSF [fields] and revised field development plan for SGL [field] is already in place, the evacuation of gas through a new pipeline at an appropriate tariff will accelerate the monetization of our gas reserves."
Indus Gas shares closed 2.6% higher in London at 292.50 pence each on Monday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Indus Gas (INDI)