GSPC sets 28th June deadline for KG partner

Vol 10, PW 4 (15 Jun 06) News in Brief

SPC has issued a 28th June deadline for interested companies to submit a non-binding bid for a stake in its discovery block KG-OSN-2001/3.

On 25th May, GSPC directors approved a Confidential Information Memorandum prepared by UBS Securities, which was later sent to 15 companies, eleven of which have already submitted unsolicited offers to GSPC: Anadarko, British Gas, BP, BHP Billiton, ChevronTexaco, ExxonMobil, ENI, Petrobras, Petronas, Shell and Total. Another four companies suggested by UBS also received the CIM: Norsk Hydro, Crescent Petroleum, Newfield and Husky Energy.

All bids received by 28th June will be evaluated against the Bid Evaluation Criteria. Successful candidates will be given access to a dataroom in Dallas, set up by GSPC consultant Petrotel.

Bidders will have between four to six weeks to submit final offers for a 20% to 30% stake.

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