Gujarat Natural Resources subsidiary buys additional 70% in oil fields

• Posted in OilGas
• on July 21, 2021
• No Comments.

GNRL Oil & Gas Limited (GOGL), a Subsidiary of Gujarat Natural Resources Limited, had acquired an additional 70% participating interest in fields which put together made the total participating interest to 100%.

“We hereby state that signed amended Production Sharing Agreement (PSC) has been received by us. The PSC for Allora, Dholasan, North Kathana oil fields was between the President of India acting through the Additional Secretary, Ministry of Petroleum & Natural Gas, Government of India, Gujarat State Petroleum Corporation, and GNRL Oil & Gas limited,” company said in a filing.

Considering the above the consolidated revenue/profitability of the Company is expected to increase, it added.

Share This