The Hindu Business Line : Gorlas Group forays into oil and gas sector

Hyderabad May 31 The Rs 45-crore Gorlas Group, with interests in urban infrastructure, has entered the oil and gas exploration and production sector by forging joint ventures with Indian and global players to tap the resources in Cambay area and abroad.

Alkor Petroo Ltd, a group company, has about 74,000 sq km in seven blocks under various stages of exploitation.

It has acquired through successful bidding operational blocks in Cambay basin (2), Republic of Yemen (3) and Egypt (2).

The company has working joint ventures with ONGC, GSPC, Jubilant Oil & Gas and HOEC for Indian operations.

Abroad, it has tied up with Geo Global, Canada and Gallo Oil (Jersey), Indonesia, along with the Indian companies in consortium arrangement, according to Mr G. Saibabu, Chairman and Managing Director.

"We have committed over Rs 11 crore in the next 3-5 years to expand the business operations," he told newspersons.

Mr Surya Nanduri, Director (Finance), said the company had the financial strategy in place to raise resources and commit them for operations and joint ventures for the next five years.

Ties up with GSPC

Having tied up with GSPC for supply of gas and IOC for oil, the company is confident of raising its supply to 1,000 barrels per day of oil and gas equivalent in 2009.

The closely held company, with about 180 employees, in 2004 acquired Heramec Ltd from Hardy Oil of the UK for an undisclosed sum, to get rights on its six developmental fields in Cambay.

It also runs a software firm called Alkor Technologies.

In urban infrastructure, it flagship company Jayadarsini Housing is executing Gorlas Citi, a Rs 250-crore (phase-I) project spread over 80 acres on the outskirts of Hyderabad.

It will have 450 villas, apartments and a business park.

Finances are being sourced from banks and internal accruals, Mr Saibabu said.

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