Oil India consortium wins 2 offshore blocks in Egypt
03 Sep 2009
A consortium of Oil India Limited (OIL), Gujarat State Petroleum Corporation (GSPC) and Hindustan Petroleum Corporation Limited (HPCL) has won two offshore blocks - No 3 and 4 - in the recently concluded GANOPE Egyptian bidding round - 2008.
GSPC with 50 per cent participating interest is the operator, while OIL and HPCL have 25 per cent stake each in both the blocks, an OIL release said.
Block 3 and 4 have an area of 8,287 sq km and 2,400 sq km, respectively, with water depth of 200-1,000 metres.
Block 3 has its geological base is the Red Sea basin while block 4 is in the tri-junction of Gulf of Suez, Gulf of Aquaba and Red Sea.
The consortium is awaiting government approvals for the allotment of the blocks, which is expected soon, the release said.
"We are in talks with three-four companies to buy producing assets abroad," OIL executive director (corporate affairs) Narendra Bhalla said on the sidelines of a conference on the company's forthcoming initial public offering (IPO).
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