GSPC and ONGC Deal
Gujarat State Petroleum Corp Ltd (GSPC) is planning to sell more than 50% of its stake in Deendayal gas block in Krishna-Godavari Basin (KG Basin), India, to Oil and Natural Gas Corporation Limited (ONGC).
The Deendayal block is currently owned by GSPC (80%), Jubilant Offshore Drilling Private Limited (10%) and GeoGlobal Resources (India) (10%). It is estimated to contain recoverable reserves of 7.6tcf.
The acquisition will complement ONGC’s investments in KG Basin.
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