Oilex, the JV partner with GSPC, is running into a bit of a
spot as the latter is unable to honour cash calls on account of financial
problems. The two are partners in the Cambay and Bhandut projects, where Oilex
feels there still a lot of reserves leftl to be tapped. It is learnt that Oilex
is now preparing ground for acquiring GSPC's stake or else to go the other
extreme, which is sell out and leave. It is also possible for Oilex to do a
part sale. There is already an offer to buy Oilex's stake in Bhandut.
Oilex looking for a deal: Oilex claims it is stilling
on a goldmine in the Cambay block. The block is spread over 40,000 acres. It
says that it has nearly 1 tcf of fully recoverable reserves and around 4.4 tcf
of Gas in Place. What is more, it is well connected to the national pipeline
network. So is anyone interested to farm in?
Source: Indian PetroPlus
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