Require some regulatory approvals for commencement of production: Mercator Lines

Mercator Lines' subsidiary has discovered oil from its first two wells. In an interview to CNBC-TV18, Shalabh Mittal, MD & CEO of Mercator Lines terming this as a big opportunity spoke about the latest happenings in his company and sector.

We are doing the drilling for the rest of the wells. The block has many wells to be drilled. We have done two, where we have discovered oil, he added.

In terms of production, there are couple of other regulatory approvals required, said Mittal.

The board is considering splitting the company vertically to find the value for shareholders, he further mentioned.