GSPC to raise debt for gas finds instead
Gujarat State Petroleum Corp. (GSPC) has put on hold its planned initial public offering (IPO) due to choppy market conditions.
Instead it plans to raise debt to finance development of its eastern offshore Krishna-Godavari (KG) basin gas finds. It is seeking companies to ask for funds.
GSPC plans to invest at least Rs5,000 crore in developing the eastern offshore gas finds that it believes hold a minimum of 1.4 trillion cubic feet (tcf) of in-place reserves and a maximum of 5.6 tcf reserves.
GSPC believes it will take two years from the date all approvals are in place, including the one for development plan, which details investments and volumes to be produced, for starting production from the block KG-OSN-2001/3 off the Andhra coast.