Paralysis at Prize following ICICI sale

Vol 12, PW 6 (07 Aug 08) News in Brief

Paralysis in decision-making has hit HPCL upstream subsidiary Prize Petroleum following an April 30 announcement that ICICI is selling its 45% stake to Delhi-based Jaiprakash Associates.

“Only routine work is going on,â€‌ we hear. “All major decisions are on hold until the new management takes over.

â€‌ Prize operates three marginal fields for ONGC on a service contract: Hirapur, Khambel and West Bechraji in Gujarat. In 2006, it signed a contract with ONGC to develop the Cluster 7 offshore marginal fields with M3nergy of Malaysia and also operates the Sanganpur field.

Prize is planning a 3D seismic survey at Hirapur in the second quarter of this year followed by three new wells; two wells at West Bechraji and one at Khambel. “Nothing has been finalised on this work programme,â€‌ adds a source.

SP Singh, general manager exploration at HPCL, continues to hold additional charge of CEO at Prize following the February resignation of Dr.MN Prasad, who moved to Selan.