ONGC Acquires 80% stake in GSPC

ACQUIRER

ONGC

ACQUIRER COMPANY TYPE

Listed

INDUSTRY (ACQUIRER)

Manufacturing

 

CITY (ACQUIRER)

Dehradun

COUNTRY (ACQUIRER)

India

 

COMPANY

Gujarat State Petroleum Corporation

COMPANY TYPE

Unlisted

INDUSTRY

Energy

SECTOR

Oil & Gas

CITY (TARGET)

Gandhinagar

COUNTRY (TARGET)

India

Oil and Natural Gas Corporation Ltd. (ONGC) is to acquire the entire 80% Participating Interest (PI) of Gujarat State Petroleum Corporation Ltd. (GSPC) along with operatorship rights, for US$ 995.26million for Deen Dayal West Field in NELP-III Block KG-OSN-2001 3 (Block) in Krishna Godavari(KG) Basin offshore.

GSPC has already built significant production facilities like wellhead platforms, process cum living quarter platform, onshore gas terminal, the export pipeline for transporting treated well fluid from process platform to onshore terminal etc. ONGC shall also pay part consideration of US$ 200million to GSPC towards future consideration for six discoveries other than Deen Dayal Westfield.

 

Source: http://corporates.bseindia.com/xml-data/corpfiling/AttachHis/3A1AF8A8_15B6_4B36_98CA_767724005705_214539.pdf