Fri, Jul 18 01:05 AM
Gujarat State Petroleum Corp plans to invest about Rs 4,000 crore in developing its block in the Krishna Godavari basin, a government minister said on Thursday, as the company reported significant gas find from the KG-22 well. The company has appointed merchant bankers to assess if it should go for an initial public offering, or IPO, of shares to part finance the investment, Gujarat Energy Minister Saurabh Patel said.
His comments came as the state's chief minister, Narendra Modi, visited the KG basin in Andhra Pradesh and announced the discovery in a video conference. "KG-22 alone holds three trillion cubic feet (Tcf) of gas," Modi said, adding the entire block could be holding more than 20 tcf in reserves.
From the last quarter of 2010, GSPC will start pumping 8-10 million standard cubic meters per day of gas from the block, he said.
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