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ONGC clarifies on GSPC merger
Following ONGC Board’s decision in its 287th meeting held on December 23, 2016 to acquire 80 per cent participative interest and operatorship in the block, the two companies, after several rounds of discussions and legal due diligence have agreed to the terms and conditions to be incorporated in the farm-in farm-out agreement.
Kakinada: Following the news item published in The Hans India on July 1 titled ‘GSPC to be merged into ONGC soon’, Amalapuram MP P Ravindra Babu and the ONGC executive director Alok Nandan along with the corporation PRO clarified on Wednesday that ONGC board has approved execution of farm-in farm-out agreement with GSPC in respect of acquisition of 80 per cent participative interest and operatorship in the NELP–III block KG-OSN-2001/3 for KG Basin activities exclusively
Following ONGC Board’s decision in its 287th meeting held on December 23, 2016 to acquire 80 per cent participative interest and operatorship in the block, the two companies, after several rounds of discussions and legal due diligence have agreed to the terms and conditions to be incorporated in the farm-in farm-out agreement.
This agreement sets forth the modalities to be followed to affect the assignment of participative Interest and change of operatorship with the approval of the government as per the existing production sharing contract and joint operating agreement of the block.
