BG Expected to Bid for Block Offshore Mumbai
Monday, February 24, 2003
BG Group is negotiating with Petrom to acquire its 51% stake in the BB-OS/5 block offshore Mumbai. BG is evaluating the data on this block and a decision is expected in about two weeks. Last year Petrom drilled a dry hole, however, the block is estimated to have 400 million tons of oil reserves and 100 billion cubic meters of gas. Essar Oil holds the remaining 49% stake.