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Royal Dutch Shell Plc .com: GLOBAL COS EYE STAKE IN GAS FIELD OF GUJARAT STATE PETROLEUM

From Asia Pulse
Published: Jul 10, 2006

NEW DELHI, July 10 Asia Pulse – Over a dozen energy companies including ExxonMobil, Royal Dutch Shell, BP Plc, BG Group and Total have shown interest in picking a stake in Gujarat State Petroleum Corp’s (GSPC) gas field off the Andhra coast.

“We have received interest from many global companies. I cannot disclose their names but the response in encouraging,” GSPC Managing Director D J Pandian said from Ahmedabad.

Industry sources said at least a dozen firms including ExxonMobil, Royal Dutch Shell, BP Plc, UK’s BG Group, Total of France, Brazil’s Petrobras, Petronas of Malaysia, Italy’s ENI, Statoil of Norway, Spain’s Repsol YPF, US-based Anadarko Petroleum Corp., Canada’s Husky Energy Inc. and United Arab Emirates-based Crescent Petroleum.

Pandian said bids for farming-in the Krishna Godavari basin gas and oil discovery block KG-OSN-2001/3 closed on Wednesday. He, however, declined to give details.

GSPC had last year announced a huge 20 trillion cubic feet, the single largest gas find in India, in the block. The gas find was named Deen Dayal.

Last month it found new reserves of high quality oil and as in the block, where the company plans to invest Rs 17 billion (US$369.6 million) in further exploration.

GSPC had at that time said it plans to raise money to develop gas fields through an initial public offering and by selling part of its 80 per cent interest in the block to an industry partner.

Canadian explorer Geoglobal Resources Inc. and India’s Jubilant Enpro are other minority stakeholders in the block.

GSPC plans to start selling gas by December 2008 and has sought clearances from ministry to set up a 3,000-km pipeline connecting Kakinada in Andhra Pradesh to Gujarat. (PTI)
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