Indian companies decline to sign PSC for offshore concessions in Gulf of Suez and Red Sea
Wednesday, 31st July 2013
The Petroleum Ministry has conveyed to the Ministry of External Affairs that the Indian consortium comprising Gujarat State Petroleum Corporation (GSPC), Hindustan Petroleum Corporation Limited (HPCL) and Oil India Limited (OIL) has 'unanimously' decided not to sign the concession agreement for two offshore oil exploration blocks.
Indian GSPC Drills $52 Million Dry Hole in the Mediterranean
Tuesday, 15th May 2012
Indian state-owned oil firm Gujarat State Petroleum Corporation (GSPC) has hit a dry hole in its Mediterranean Sea exploration lease after investing $52 million in the drilling operation. The operation came in the context of GSPC's 2011-2012 exploration plan.