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Old 22-09-2009, 11:15 AM
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The Directorate General of Hydrocarbons (DGH) has approved Gujarat State Petroleum Corporation’s (GSPC) field development plan for 2 trillion cubic feet (tcf) for the KG-8 Deendayal-West field in the Krishna-Godavari Basin off the coast of Andhra Pradesh.The move is widely expected to pave the way for the company’s much-awaited public offer. GSPC had been aiming to hit the capital markets last year, but the economic slowdown put the company’s plans on the backburner.“We are aiming to raise anywhere between $1 billion and $1.5 billion by the end of this financial year. The DGH nod for developing 2 tcf will allow us to carry on the necessary valuations for the company,” a senior government official said on condition of anonymity.
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