Saturday,Dec 16,2006
OIL-IOC combine, GSPC win oil blocks in Yemen http://www.business-standard.com/common/storypage_c_online.php?leftnm=11&bKeyFlag=IN&autono=18667
Press Trust of India / New Delhi December 15, 2006
State-owned Oil India (OIL)-Indian Oil Corp (IOC) combine and Gujarat State Petroleum Corp (GSPC) have won five onshore oil blocks in Yemen.
OIL and its government-appointed partner for overseas exploration, IOC, won Blocks 82 and 83 in the third round of auction, industry sources said.
The two state-owned companies have 15% stake each in the consortia led by Medco Energy which has 45% stake. Kuwait Energy Co has the remaining 25% stake.
Blocks 82 and 83 are located near an oil producing field operated by Canada's Nexen in the south-eastern Hadhramount province of Yemen. Block 82 measures 1,853 square kilometers, while Block 83 is spread over an area of 364 sq km. A total of 14 blocks were on offer in the third round.
Gujarat government-run GSPC won three out of four blocks it had bid for. GSPC is the operator with 45% stake. Its partners Jubilant Enpro (30%) and Alkor Petro (25%) won blocks 19, 28 and 57, sources said.
Block 19 and 28 lie in the producing Marib and Masila basins, while Block 57 lies on the border with Saudi Arabia.GSPC lost out Block 84 to Norway's DNO.
Blocks, 34 and 37, which Reliance Industries had won in the second round of auction, were among the seven blocks offered by Yemen.
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