(The Mint)
Gujarat State Petroleum Corp. Ltd (GSPC) has scrapped a plan to sell a stake in 20 of its onshore exploration and production (E&P) blocks, two officials aware of the development said.The firm had decided to sell stakes in these blocks last year because of financial difficulties. The Gujarat state-owned GSPC had hired consulting firm EY to prepare a report on the blocks for the stake sale. “GSPC has scrapped the process of selling stakes in the 20 onshore blocks. With our key asset, the Deen Dayal Block in the KG-basin, going to ONGC (Oil and Natural Gas Corp. Ltd) , we need to keep some blocks to maintain our upstream status,” said the first GSPC executive aware of the development. He spoke on the condition of anonymity.He added GSPC is performing better than expected and is confident of meeting its funding plan with regard to these blocks.
