Hardy Oil & Gas in talks to buy Reliance Industries’ 90% interest in GS-01 block

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New Delhi: UK’s Hardy Oil Gas plc now pronounced it is in talks to acquire Reliance Industries’ whole 90 percent seductiveness in a gas find retard off a Gujarat coast.

RIL wants to exit Gujarat-Saurashtra offshore dish retard (GS-01) as it feels that pot detected so distant are not economically significant.

Representational image. ReutersRepresentational image. Reuters

Representational image. Reuters

“We have a transparent devise to acquire a serve seductiveness in, and operatorship of, a GS-01 asset,” Hardy pronounced in a Half Yearly operations report.

It pronounced a execution of this routine was tentative a fortitude of a long-standing guilt compared with unprepared smallest work programme that is underneath care with a supervision of India given 2009.

“A series of high turn meetings were hold with DGH and (Oil) Ministry member to promote a timely end to Hardy’s merger of Reliance’s 90 percent seductiveness and operatorship.

“General blurb terms have been concluded and a breeze farm-out agreement is underneath examination by both parties,” it said.

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Hardy-Reliance have told a supervision a matter of probable liquidated indemnification compared with a dual firms not completing their committed drilling programme, that is underneath care of a supervision given 2009, needs to be sealed out before to a end of a merger process.

“A margin growth devise for a Dhirubhai 33 healthy gas find was submitted to a supervision for examination and capitulation in 2012.

“The growth devise provides for several dry tree wells, an unmanned platform, multiphase tube to seaside and onshore estimate and trade facilities,” it said.

Hardy now owns 10 percent seductiveness in a retard where a gas discovery, named Dhirubhai-33, was done in 2007.

The good that detected a pot flowed 18.6 million customary cubic feet per day of gas and 415 barrels of condensate during tests.

The GS-01 looseness is located in a Gujarat-Saurashtra offshore dish off a west coast, northwest of a inclusive Bombay High oil field, with H2O inlet varying between 80 meters and 150 meters. The defended find area covers 600 block kilometers.

“Both parties (Reliance and Hardy have done a constructive offer to a Government of India to do a unprepared smallest work programme liabilities, though we are available a response from a Government of India,” a UK organisation said.

(Disclosure: Firstpost is partial of Network18 Media Investment Limited that is owned by Reliance Industries Limited.)

PTI

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