Petroleum Africa
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Monday, August 5, 2013
The current cycle of unrest in Egypt has affected some oil deals that have been in the making with some Indian firms. According to reports an Indian consortium made up of Gujarat State Petroleum Corp. (GSPC), Hindustan Petroleum Corp. Ltd. (HPCL), and Oil India Ltd. (OIL) have ‘unanimously’ backed out of signing a concession agreement for two blocks offshore Egypt.
The blocks, the South Quseir and the South Sinai, are situated in Gulf of Suez and Red Sea.
Citing changing circumstances and the unstable conditions prevailing in Egypt, the Petroleum Ministry has said the three companies, which were awarded the blocks in the 2008 round of bidding held by Egypt, will not be signing PSCs.
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