India grants environmental clearance to Oilex's Cambay field
The government of India has granted environmental clearance to Oilex’s Cambay field in the state of Gujarat, the Australian company said on February 8.
“The grant of the new environmental clearance enables the company to re-start production from the two existing Cambay wells and to proceed with the field development, including the already-funded re-frac of the C-77H well,” Oilex CEO Roland Wessel said.
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The government of India has approved the transfer of assignment of the 55% participating interest (PI) in the Cambay field held by state-run Gujarat State Petroleum Corporation (GSPC) to Oilex.
Sydney-listed Oilex had been in dispute with GSPC over ownership. In April last year, the two parties settled the matter and in June Oilex executed a binding agreement to acquire GSPC’s 55% PI in the Cambay field, providing the company with a 100% working interest in the Cambay concession.
The Australian company in December received the final court order regarding the dispute. It plans to resume gas production soon.