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Thursday, April 8, 2010

GSPC inks pact with Egypt for oil & gas exploration

Gujarat State Petroleum Corporation (GSPC) has inked an agreement with government of Egypt for oil and gas exploration in the African nation where the Indian firm has been alloted blocks.

The Gujarat Government-promoted company, in partnership with private sector Adani Group, was recently alloted three blocks for oil and gas exploration in Egypt.

The consortium is led by GSPC, which has 60 per cent stake, while Adani Group holds 40 per cent, said a GSPC official here today.

"The GSPC-led consortium was alloted three blocks by Egypt and agreement for commencing exploration activities has been inked with one block," the GSPC official, who signed the agreement in Egypt, said.

Similar agreements for remaining two blocks will be inked at a later stage, he said. GSPC already has got two blocks in Egypt apart from three awarded recently. "With addition of three blocks, we have five blocks in Egypt now."

GSPC, with its various partners, is engaged in exploration activities in petroleum products at 60 places in India and abroad, where it works in more than 20 countries.

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