November 22, 2008

GSPC emerged as winner in 11 blocks in NELP-VII

BS reported that Gujarat State Petroleum Corporation has emerged as provisional winners in as many as 11 blocks in the 7th round of New Exploration Licensing Policy.

It may be noted that GSPC is aiming to pump in over USD 100 million initially for exploration of these blocks 8 of which are offshore. In all 96 companies submitted bids for the 45 blocks, with 19 of them receiving single bids and 26 others attracted multiple bids.

Of the offshore blocks, GSPC has bagged one block in KG Basin which is adjacent to its existing block KG-17 well, which is one of the most significant discoveries for the company. It had for the first time struck oil and gas in the same well. Of the 8 offshore blocks, GSPC has bagged 3 in Mumbai and 2 potential blocks in Cambay basin.

GSPC has pumped in over INR 2000 to INR 2,500 crore on exploration of KG Basin in the last one year or so. ONGC GSPC has bagged 3 deepwater blocks and GSPC consortium has won 1 on land block. Also, GSPC with ONGC as partner has won one block in Kerala Konkan region.

It is also planning to hit the capital markets by coming out with an IPO by September 2008 to part finance the proposed development of GSPC's Deendayal gas field in KG Basin. GSPC along with Adani has also announced plans to build a 5 to 10 million tonnes per annum liquefied natural gas terminal at Mundra port by 2013.