GSPC-led consortium acquires 3 exploration blocks in Egypt
11 Nov 2008
A consortium of state-run Gujarat State Petroleum Corporation and oil marketing and oil exploration companies have been won three offshore oil exploration blocks in Egypt, according to a senior GSPC official.
GSPC will be the operator of all the three blocks, which were awarded by Egypt`s Ganoub el Wadi Holding Petroleum Co.
A consortium, consisting of GSPC, Hindustan Petroleum Corp. and Oil India Ltd., won two blocks while the second consortium consisting of GSPC and Adani Welspun Exploration Ltd. won another block.
MY Farooqi, general manager, planning and development at GSPC, said the company has committed spending at least $85 million in the three blocks over the next four years. ''But, we may end up spending more,'' he added.
GSPC already has exploration blocks in Australia, Egypt and Yemen and awarded blocks in Indonesia on a direct negotiation basis.
GSPC has signed concession agreement in Egypt for 2 blocks and signed profit sharing agreement in Yemen for 3 blocks in the first half of this year.