India's GSPC Moves Ahead with Cambay Stake Sale

Sydney-listed Oilex January 17 said that Gujarat State Petroleum Corporation (GSPC), its partners in Cambay production sharing contract in India, has now opened the bids received for the sale of its 55% participating interest in the project.

“Oilex understands that a preferred bidder has been identified by GSPC, which will be invited by GSPC to finalise negotiations before seeking applicable regulatory approvals in India,” the company said.

The sale process being conducted by GSPC is pursuant to the settlement agreed between Oilex and GSPC as announced in September last year. Oilex said it holds the first right of refusal where GSPC disposes of its 55% interest in the Cambay production sharing contract.