Joshi quits CB-ONN-2000/1 leaving GSPC with 60%

Vol 6, PW 24 (12 Feb 03) News in Brief

Cambay basin NELP-II exploration block CB-ONN-2000/1 is left with only two equity holders: Gujarat Petroleum and GAIL.

This follows Shastri Bhawan's decision to allow US-based Joshi Technologies to relinquish its 20% stake in favour of operator GSPC, whose stake rises to 60%. GAIL holds the balance 40%.

Local approval for Joshi's application to sell its stake went through smoothly, no doubt because GSPC is a Gujarat-government owned company. Now that GSPC has a majority stake it can push through the 'Phase-I' work programme, which must be completed by July 2004.

'Phase-I' includes shooting, processing and interpreting 120-sq km 3D seismic, reprocessing existing 650-km 2D and drilling seven exploration wells.

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