Gujarat State Petroleum Corporation


Gujarat State Petroleum Corporation

Gujarat State Petroleum Corporation Ltd (GSPC) is an oil and gas exploration company in Gujarat, India. As of today, it's India's only State Government-owned company oil and gas company with the Government of Gujarat holding approximately 95% equity stake in the company. GSPC was incorporated in 1979 as a petrochemical company. Today GSPC has become a vertically integrated energy company, excelling in a wide gamut of hydrocarbon activities across India.

History

GSPC was incorporated in 1979. Drawing inspirations from the exciting opportunities that the hydrocarbon sector offered in the wake of liberalization of Indian economy, GSPC refocused and its Vision in 1992, widened the scope of its activities. With the Government of India’s decision to privatize the hydrocarbon sector, GSPC acquired several discovered fields in the first and second rounds of bidding process in 1994 and 1995.

In 1997, the Government announced the New Exploration Licensing Policy (NELP) to facilitate huge investments in the hydrocarbon sector, specifically exploration activities. GSPC was again among the first companies in India to take the lead by actively participating in NELP bidding processes and acquiring exploration fields and blocks across the country.

The company has made a gas discovery in the Krishna-Godavari basin on East coast on India.

Partners

The company is attracting interest from oil companies all over the world and is signing strategic business alliances covering E & P activities in the subcontinent.

* Niko Resources Limited, Canada is the first major partner of GSPC and is the Operator for the four small oil & gas fields awarded in the first round of bidding.
* GeoGlobal Resources (Barbados) Inc, Canada is the partner of GSPC in the KG basin offshore exploration block, apart from two blocks in Gujarat.
* Hindustan Oil Exploration Company Limited is GSPC's partner in One exploration block and two small oil/gas fields.
* Jubilant Oil & Gas Private Limited is the partner of GSPC in the KG basin offshore exploration block, apart from one block in Tamil Nadu and two blocks in Gujarat.
* GAIL (India) Limited is the partner of GSPC for Ahmedabad exploration block and one block each in Tamil Nadu and Mumbai offshore.
* Oil & Natural Gas Corporation Limited is the Operator for two exploration blocks in Mumbai offshore area in which IOC, GAIL and OIL are also partners, apart from a CBM block in north Gujarat.
* Heramec Limited, UK is a significant partner of GSPC having stake in six fields and is the Operator for four of the six small oil & gas fields awarded in the Second rounded bidding.

External links

* [http://www.gujaratpetro.com/ Company website]


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