NTPC to bid with GSPC for Egyptian acreage

Vol 10, PW 6 (13 Jul 06) News in Brief

NTPC is venturing beyond Indias borders to explore for gas.

PETROWATCH learns it has joined Gujarat State Petroleum and GeoGlobal Resources to bid for acreage in Egypt. By the 12-noon deadline on (Sunday) 16th July, GSPC (50%) is most likely to bid for three blocks in a consortium with joint operator and partner GGR (25%).

Rest of the equity is likely to be shared between NTPC and Hyderabad-based Alkor Petroo. "The participating interest of each company is not yet firmed up," says a source.

"Nor do we know if all these companies will be part of the consortium." One theory is that NTPC might completely push Alkor Petroo out of the consortium, making it a tripartite arrangement between NTPC, GSPC and GGR. Under offer are 20 exploration blocks in Egypt.

Bidders must submit a bank guarantee of $50,000 and data packages cost between $4199 and $22,855 per block.