Asian Energy Services acquires participating interest in Indrora fields in Gandhinagar.

Asian Energy Services Limited (AESL), has received shareholders’ approval to proceed with the acquisition of 50 per cent Participating Interest (PI) in Indrora oil and gas field situated in Gandhinagar, Gujarat from Oilmax Energy Private Limited (OEPL).

AESL has initiated the process of obtaining all the requisite permissions and approvals from the Government of India to complete the PI acquisition.

Oilmax Energy is the parent company of Asian Energy, with a 61.25 per cent equity holding in Asian Energy.

The acquisition marks AESL’s entry into the upstream Oil and Gas Production business. This will help expand its gamut of capabilities across the entire upstream value chain.

The addition of the upstream oil and gas production vertical will help AESL improve its cash-flow visibility and further diversify its cash flows from its existing seismic, oilfield O&M, and infrastructure services verticals. AESL offers end-to-end services which extend across the entire upstream value chain.

HBL