Oilex Ltd announced Tuesday that it has submitted a conditional offer for an additional 55 percent interest in India’s Cambay production sharing contract.
The company submitted the offer in response to a competitive bid process initiated by Gujarat State Petroleum Corporation Limited (GSPC) for the possible disposal of its interest in Cambay. If successful in the tender process, Oilex would increase its current 45 percent interest to 100 percent.
In addition to GSPC's agreement to any potential sale, Indian regulator approvals will be required to effect the sale/transfer of GSPC's interest in Cambay.
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