Bastia talked of as next Asian Oilfield boss

Vol 19, PW 20 (16 Jun 16) People & Policy
     

OilMax promoter Kapil Garg is believed to be thinking of appointing Rabi Bastia as head of Asian Oilfield Services, the company's new acquisition.

Bastia, a non-executive director on Asian's board since March 2013, is also president of OilMax's E&P business and has a formidable reputation as the geologist widely credited for Reliance's KG-D6 gas discovery. If Garg tells him to head Asian he will have no choice but to agree," say sources, even though he might find the job a little below his stature and nowhere near his former glory days as Reliance E&P boss.

"It is not decided yet," says an industry source. "Bastia can fit into any role within OilMax; I've also heard Kapil's cousin Rohit Agarwal might look after the seismic business." Oilmax meanwhile is poised to make an open offer to buy an additional 26% in Asian Oilfield next month (July).

Industry analysts tell us Mumbai-based INGA Capital, hired by OilMax to manage the open offer for Asian, has fixed July 13 to start the process which closes on July 26. An INGA source confirms it filed a draft open offer letter with the Securities and Exchange Board of India (SEBI) on June 1.

"The last date to file the application was June 3," he says. "We triggered the open offer but it has not yet formally begun.

You can't sell your shares to OilMax yet."