Jubilant Energy to exit GSPC block

Jubilant Energy holds a 10% stake in the Deen Dayal gas discovery block KG-OSN-2001/3

Hari Bhartia-promoted Jubilant Energy is planning to exit one of the six gas discovery blocks in which it has a stake along with other exploration and production (E&P) companies. Jubilant Energy's partners in these blocks are Gujarat State Petroleum Corporation (GSPC) and Oil and Natural Gas Corporation (ONGC), which Jubilant has approached to sell stake.

"We have been approached by Jubilant Energy. It has offered us its 10 per cent stake in the gas discovery block KG-OSN-2001/3. We, however, are not really considering it," said a senior ONGC official on the condition of anonymity.

Jubilant Energy holds a 10 per cent stake in the Deen Dayal gas discovery block KG-OSN-2001/3 awarded under the third new exploration and licensing policy (Nelp) bid round held by the Government of India in 2003. GSPC is the operator of the block with 80 per cent working interest and Canada's GeoGlobal Resources holds the remaining 10 per cent interest in the block.

Jubilant Energy didn't reply to an email questionnaire. Jubilant Energy is part of the Jubilant Bhartia Group, founded by Shyam Bhartia and Hari Bhartia. The group is also present in pharma, life sciences and healthcare sectors through its flagship company Jubilant Life Sciences.

It also operates the Domino's Pizza chain in India through Jubilant FoodWorks.