GSPC, Egypt sign pact on oil and gas exploration

GSPC, Egypt sign pact on oil and gas exploration

Ahmedabad: Gujarat State Petroleum Corp.(GSPC) has signed a deal with the Egyptian government for oil and gas exploration in the African nation where the Indian firm has been alloted three blocks.

The Gujarat government promoted company, in partnership with private-owned Adani Group, was recently alloted three blocks for oil and gas exploration in Egypt.

The consortium is led by GSPC, which has 60% stake, while Adani Group holds 40%, a GSPC official said on Thursday.

“The GSPC-led consortium was alloted three blocks by Egypt and agreement for commencing exploration activities has been inked for one block," the GSPC official, who signed the agreement in Egypt, said.

Similar agreements for the remaining two blocks will be inked at a later stage, he said.

GSPC already has got two blocks in Egypt apart from three awarded recently. “With addition of three blocks, we have five blocks in Egypt now."

GSPC, with its various partners, is engaged in oil and gas exploration activities at 60 places in India and abroad with its presence in more than 20 countries.