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India's GSPC to ink an oil pact with Egypt


Published: Jan. 24, 2008 at 3:54 PM
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NEW DELHI, Jan. 24 (UPI) -- State-run Gujarat State Petroleum Corp. says it may enter into a profit-sharing agreement with Egypt for exploration activities in two blocks.

GSPC holds a 50-percent operating stake in both North Happy (offshore) and South Diyur (onshore) blocks in Egypt. India-based Alkor Petro Ltd. (20 percent) and Calgary-based GeoGlobal Resources (30 percent) are two other partners in both the blocks.

GSPC said it and its partners submitted bank guarantees to pave the way for the final production-sharing agreement.

"We are expecting the PSAs to be signed latest by mid-February," a GSPC official said.

He said the company submitted a bank guarantee of $175 million from the State Bank of India in support of its promised investment of an identical sum in the two blocks over the next four years.

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