Asian energy saw a steep rise today as the parent company, Oilmax Energy Private, was awarded a 20-year mining lease by the Energy and Petrochemicals Department of the Gujarat government for the DSF Block to extract crude oil natural gas. The lease will be effective from April 1, 2023. 

On the same day, the company won an order worth Rs 165 crore from UAE-based Svetah Energy Infrastructure FZE for the operations and maintenance of the Svetah Venetia, a floating production storage and offloading system for oil and gas production off the Puducherry coast. The order will last for a five-year primary term, starting when the Svetah Venetia is ready to receive hydrocarbons from the PY-3 Field. 

Asian Energy’s shares responded positively to this news and closed 8.04% higher on the National Stock Exchange at Rs 106.15. The stock also reached an intraday high of Rs 108. The share has seen a 75% rise in the last month itself. 

As per the exchange filing, this order win is a third of its kind and will further help Asian Energy’s standing in this particular segment. On March 21, the shares of Asian Energy rallied after the company announced plans to acquire a stake in an oil and gas field located at Indrora, Gujarat.