GSPC bids for 5 oil, gas blocks in Muscot, Syria

State-run Gujarat State Petroleum Corporation (GSPC) has submitted bid for the five oil and gas blocks of Muscat and Syria. D J Pandian, managing director, GSPC, confirmed the move with joint venture partners but refused to divulge any details about the partners.

GSPC has appointed PricewaterhouseCoopers (PwC) for preparing the business plan for forming overseas investment arm for block acquisition and hydrocarbon exploration.

"In Muscat, GSPC is bidding for three blocks, which are supposed to be rich gas resources. Leading petroleum companies in the world are participating in the bid, thus the winning of the blocks is prestigious.

GSPC has submitted bid for two blocks in Damascus, Syria. The awarding of the blocks is expected in next four months, Pandian said.

The company has bid for two oil and gas blocks in western Australia along with the same partners. This was the first venture of GSPC for exploration and production abroad. The result of the bid is expecting in March 2006. Both the blocks are located in gas and oil rich North West Shelf region of western Australia.

GSPC has bid for blocks along with Oilex of Australia, Gail and Prize Petroleum-HPCL joint venture. According to Pandian, production from the Krishna-Godavari (KG) basin will start in 2008.

"A number of foreign experts are there at the exploration site, apart from the GSPC team. The sedimentary basin of KG is rich of oil and gas, thus we are hopeful of creating mark in South Indian fuel market," he said.

GSPC is holding 80 per cent stake in 1400 km KG block. "We are in continuous dialogue with Maharashtra for the distribution of gas in the state. Along with Maharashtra, Gujarat State Petronet is looking to find market in neighbouring states of Rajastan and Madya Pradesh," he said.