NEW DELHI: ONGCBSE 4.12 % is considering buying a stake in a field operated by Gujarat State Petroleum Corp, but given the large investment involved, the company has appointed Ryder Scott, a consultant, for an independent assessment of the asset, its chairman DK Sarraf said.
“We have been talking to GSPC for acquiring a certain percentage of their field. We did some technical study of the field. And post-technical study we thought that it would be better because it’s quite a difficult field and the size of investment also could be significant …(to) get it evaluated from a third party technical consultant,” Sarraf told reporters on Thursday.
The two companies have been in talks for nearly a year for acquiring a stake in GSPC’s block in the KG Basin, official sources said.
Oil minister Dharmendra Pradhan had told reporters in June that the government would have no objection if ONGC reaches a deal with GSPC on purchasing a stake in the latter’s project in KG Basin.
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Source: Economic Times
