Prize set to acquire majority stake at Sanganpur

Vol 8, PW 24 (09 Mar 05) News in Brief

Hindustan Petroleum subsidiary Prize Petroleum will soon replace Hardy as the non-operating partner in the 8-sq km Sanganpur oilfield 15-km south east of Mehsana.

Prize wants Sanganpur so it can get hands-on experience with a producing field before beginning work at ONGC marginal fields Khambel, Hirapur and West Bechraji, where it is operator. Hardy holds 49% of Sanganpur but wants to leave because it sees no value in such a small field.

We are consolidating our offshore assets, Hardy tells us. Sanganpur is not worth our while.

Discovered in September 1990 by ONGC, Sanganpur was leased to Mumbai-based Hydrocarbon Resources Development who is the operator. It produces around 12 b/d from two wells: Sanganpur-1 and Sanganpur-2.

We are studying logs to see what could be done to boost production, Prize tells us. Prize wants a minimum 50% stake in Sanganpur and joint operatorship.