GSPC to pump in Rs 400 cr in 11 new blocks

The state PSU is aiming to pump in over $ 100 million (Rs 400 crore) initially for exploration of these blocks eight of which are offshore. In all 96 companies submitted bids for the 45 blocks, with 19 of them receiving single bids and 26 others attracted multiple bids.

Of the offshore blocks, GSPC has bagged one block in KG Basin which is adjacent to its existing block KG-17 well, which is one of the most significant discoveries for the company.

The company had for the first time struck oil and gas in the same well. The PSU has so far struck gas in three wells KG-8, 15 and 16 in the block.

"The blocks we bagged have a very potential hydrocarbon area," said a senior official of GSPC.

Of the eight offshore blocks, GSPC has bagged three in Mumbai and two potential blocks in Cambay basin.

The company has pumped in over Rs 2000-2,500 crore on exploration of KG Basin in the last one year or so. ONGC-GSPC have bagged three deepwater blocks and GSPC consortium has won one on-land block. Also, GSPC with ONGC as partner has won one block in Kerala-Konkan region.

The company is also planning to hit the capital markets by coming out with an IPO by September this year. The public offer is to part-finance the proposed development of GSPC's Deendayal gas field (KG-OSN-2001/3) in KG Basin.

GSPC along with Adani has also announced plans to build a 5-10 mn tonnes per annum liquefied natural gas (LNG) terminal at Mundra port by 2013.