GSPC Close to Selling Stake in Cambay PSC

Australian Oilex March 3 said it has declined the first right of refusal (ROFR) for Gujarat State Petroleum Corporation's (GSPC) 55% interest in the Cambay production sharing contract in the Indian state of Gujarat.

“With the ROFR now declined by Oilex, the company understands that GSPC can now move forward to execute the final sale agreement with the preferred bidder and make the applicable submissions to government of India,” Oilex said.

Following the closing for submission of bids on December 23, Oilex announced on January 23 that GSPC had opened the bids received for its 55% stake and invited the preferred bidder to finalise negotiations. The sale process being conducted by GSPC is pursuant to the settlement agreed between Oilex and GSPC as announced in September last year.

“This places us a step closer to realising the potential that has long been recognised in the Cambay project. Oilex has been striving to regain traction on a new program of drilling the EP-IV gas sands and looks forward to a new partner entering the project,” Oilex managing director, Joe Salomon, said.