Industry & Economy
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Petroleum
Modi invites oil MNCs to set up base in Gujarat
Our Bureau
Ahmedabad
,
Sept. 13
GUJARAT has invited petroleum sector multinationals to set up base in the State and announced that it would set up a Special Economic Zone for the oil sector.
The announcement regarding the proposed SEZ was made on Monday by State Chief Minister, Mr Narendra Modi, at a function to dedicate the newly discovered crude oil reserves at Dholka, about 60 km from Ahmedabad.
Although Mr Modi did not specify any time-frame for setting up the SEZ or what activities oil multinationals could carry out at the facility, senior State Government officials said that petroleum sector capital equipment manufacturers could benefit from setting up production units in the SEZ.
The Dholka block, PK#2, which had been awarded jointly to Gujarat State Petroleum Corporation (GSPC) and GAIL (India) under the second round of New Exploration Licensing Policy (NELP), has a proven potential of 10 million barrels of recoverable oil. The figure could go up to 50 million barrels.
Mr Modi said that the oil find had been valued at Rs 2,000 crore and GSPC hopes to start production by December this year.
At Monday's function, Mr Modi also laid the foundation stone for an Early Production System, which would enable commercial production in the next three months.
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