GAIL Increases Interest in Ahmedabad Block

Gas Authority of India Ltd (GAIL) will increase it's stake in the Ahmedabad Block to 50% by acquiring half of Joshi Technologies' stake in the block. Gujarat State Petroleum Corp will acquire the other portion of JTI's stake. This will make GSPC and GAIL equal partners in CB-ONN-2000/1. All transactions are subject to government and regulatory approvals.

Last week the PK-1 well discovered 10 million barrels of oil and 300 billion cubic feet of natural gas. This was the first well drilled on this block. The well encountered hydrocarbon bearing zones in three intervals and was drilled to a depth of 1,736 meters. The well will be deepened to 2,000 meters.

CB-ONN-2000/1 block was awarded to GSPC (40 percent), GAIL (40 percent) and JTI (20 per cent) in 2001 under (NELP-II).