Selan brings in $1.2m for exploration

Vol 4, PW 17 (27 Sep 00) News in Brief

Indian explorer Selan Exploration has won Foreign Investment Promotion Board permission to raise its Non Resident Indian equity from 18.75% to 22.06%.

The 22nd September approval permits the company to bring in Rs54 lakh ($1.2m) of Foreign Direct Investment for "oil exploration projects, drilling of wells, crude petroleum." In June, Selan raised NRI equity in the company from 14.46% to 18.75%. Last year, Selan sought offers from oil multinational oil companies operating in India, among them Cairn and Enron.

Selanoperates three small-sized fields in Gujarat: Bakrol, Indrora and Lohar, and is in line to sign contracts for two more .