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Asia Pulse: INDIA’S GSPC PICKS 4 ENERGY GIANTS FOR STAKE SALE IN GAS BLOCK

Published: Oct 13, 2006

NEW DELHI, Oct 13 Asia Pulse – Gujarat State Petroleum Corp (GSPC) has called for bids by November 2 from four shortlisted global energy majors including Chevron, British Petroleum and ENI for selling 30 per cent stake in its gas rich KG-OSN-2001/3 block off the east coast.

“Financial bids will be opened on November 2,” GSPC managing director D J Pandian told reporters here.

Chevron Corp of US, BP Plc, BG Group of UK and Italy’s ENI, who were shortlisted from about 13 firms that expressed interest in picking a stake in the 20 trillion cubic feet gas discovery in the KG Basin, have been asked to submit final bids.

Royal Dutch/Shell could not clear the preliminaryGSPC has set up a dataroom in Dallas.

At the 1850-sq km KG-OSN-2001/3 block, GSPC is operator with 80 per cent stake with GeoGlobal Resources (10 per cent) and Jubilant Enpro (10 per cent) as partners.

ExxonMobil of US, Petrobras of Brazil, Spain’s Repsol, Petronas of Malaysia, Husky Energy of Canada and Crescent Petroleum of United Arab Emirates had also put initial bids.

Pandian said GSPC plans to begin gas production from the field by end-2008 or early-2009 and would transport it through a 1,600-km long pipeline from Kakinada to Gujarat. The Rs 50 billion (US$1.1 billion) pipeline would pass through Madhya Pradesh, avoiding Maharashtra.

The GSPC pipeline would follow a different route than the pipeline being built by Reliance Industries to transport gas from its D6 field to Gujarat, he said.

(PTI)

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