GSPC and partners bid for Egypt blocks

Vol 12, PW 5 (24 Jul 08) News in Brief

GSPC is leading two separate Indian consortia bidding for three of the 12 exploration blocks on offer in the just-concluded Egyptian licencing round promoted by the state-owned Ganoub El Wadi Holding Petroleum Company.

By the bid closing date of July 15, a consortium of operator GSPC (50%), Oil India (25%) and refiner Hindustan Petroleum (25%) had submitted bids for the South Quseir and South Sinai exploration blocks. The third block is the South Gulf of Suez block for which operator GSPC (60%) has submitted a bid alongside fellow Gujarat explorer and newcomer Adani Welspun Exploration (40%).

GSPC already has an established position in Egypt, where it is operator at two additional blocks: onland South Diyur and deepwater North Hap’y, for which it signed PSCs on March 9 this year. GSPC (50%) is preparing to carry out seismic and aeromagnetic surveys at these two blocks, which it holds alongside GGR of Canada (30%) and Alkor Petroo (20%) of India.