GSPC extends block sale deadline

Vol 24, PW 19 (12 Aug 21) News in Brief

GSPC's energy research and management wing GERMI has extended the bid submission deadline from July 29 (2021) to September 15 (2021) for companies interested in GSPC's non-operator stakes in five blocks.

"Several companies requested an extension," confirms a GERMI source. "They were finding themselves stretched due to the ongoing DSF round and needed more time."

Former oil minister Dharmendra Pradhan launched DSF-3 on June 10 (2021), and the DGH organised an online pre-bid on June 30 (2021) with an earlier bid submission deadline of August 31 (2021). But on August 10 (2021), the DGH announced new dates saying the DSF-3 bid submission would begin on October 1 (2021) and end on October 29 (2021).

On June 15 (2021), GERMI floated an RFP (Request for Proposal) and information memorandum for GSPC's non-operator stake in three onshore and two offshore blocks, where ONGC is operator: CB-ONN-2004/3 (Uber) where GSPC holds 35%, CB-ONN-2004/1 (Karannagar), where it holds a 40% stake, CB-ONN-2004/2 (Vadtal), where it holds 45%, and Mumbai offshore block MB-OSN-2005/1 (20%) and Kutch offshore block GK-OSN-2009/1 (20%). IndianOil, Kiri and Company, Oilex, Nippon Power, CVS Oil and Gas, and Arabian Oilfield are among the companies that attended a virtual pre-bid meeting on June 26 (2021).