GSPC

Rising costs and shrinking supplies will impact major expansion plans

India's Gujarat State Petroleum Corp is seeking a LNG cargo for delivery in January, two industry sources said

It is also seeking five cargoes for delivery over April to November, also on a DES basis, in a separate tender that closes on March 4

The latest audit report by the Comptroller and Auditor General of India (CAG) has seen the debt-laden Gujarat State Petroleum Corporation Ltd. (GSPC) emerge as the biggest loss making state public sector undertaking (SPSU). Among the 14 loss-making SPSUs in the Gujarat government, GSPC incurred the highest loss of Rs 170.61 billion. The CAG report, tabled recently in the state assembly, showed that GSPC Ltd. booked impairment loss of Rs 149.2354 billion on 80 per cent participating interest and 10 per cent in KG-OSN-2001/3 block (KG Block). The total loss of the company for the year 2016-17 stood at Rs 170.61 billion. Out of the 77 working SPSUs, 54 earned profit of Rs 36.48 billion, while 14 of them incurred losses totaling Rs 184.12 billion including that of GSPC. The total turnover of these SPSUs stood at Rs 1119.53 billion, about 9.95 per cent of the Gross State Domestic Product (GSDP) for 2016-17.The 77 working state PSUs together posted an overall profit of Rs 16.33 billion in ..

Interview with Managing Director of GSPC, J N Singh

Partnership with ONGC is a matter of national interest, says J N Singh

Firm had reported a Rs 370 crore loss in the year-ago period

GSPC on Friday denied that its possible buyout by ONGC was being forced by the Narendra Modi government.

Modiji, then Gujarat Chief Minister proudly claimed in 2005 that the GSPC has found 20 tcf gas in KG Basin, says Jairam Ramesh

Jairam Ramesh said as Gujarat CM Modi had claimed that GSPC found 20 tcf of gas in KG basin which after 11 years turned out to be only 1 tcf

The two are in talks for a probable majority stake sale in the Deen Dayal West gas block

Also, the Congress has sought a judicial probe into alleged irregularities of Rs 20,000 crore in the GSPC

Delayed production and confusion over gas reserves in KG basin have pushed the company into debt, leaving its lenders worried

Hydrofracking is a technique in which the well-rock is fractured by a liquid

CAG slams GSPC for incurring interest burden of Rs 1,804 cr in FY15

According to the CAG report, GSPC's borrowing stood at Rs 19,716 crore as of March 2015, a jump of 177% since 2011