GSPC streamlines
Cash-strapped GSPC has downsized and restructured to function more efficiently, amid criticism from the audit watchdog Comptroller and Auditor General (CAG) about how it is being managed.
GSPC on April 1 transferred most of its small onland Gujarat assets to newly formed spin-off company GSPC Marginal Fields (GMFL). Of its 64 blocks in India and overseas, GSPC will retain control of up to 15 large blocks.
“This includes the KG block and other deepwater Cauvery blocks on the east coast,” says an industry source. “GSPC will also keep its Mumbai blocks on the west coast and onshore and offshore blocks in Egypt, Yemen and Indonesia.
” Under GMFL will be the Gujarat blocks Hazira, Bhandut, Cambay, Sabarmati, Asjol, Palej, North Balol, Dholasan, North Kathana, Kanawara, Allora, Mehsana, Tarapur, Unawa, Ahmedabad, Sanand and Ankleshwar. GSPC’s 20% stake in Assam block AA-ONN-2003/1 is also transferred to GMFL.
GSPC hopes the move will help attract investors.