Heramec, a wholly owned step-down subsidiary of Gujarat Natural Resources (GNRL) has signed an agreement regarding its working interest in the Oil & Gas fields located in India subject to its becoming effective only upon receiving necessary regulatory approvals.
This techno-financial alliance will provide the company the much needed latest technical expertise which shall in turn yield better results for the Company.
This arrangement is a result of the sustained and concerted efforts over the last year, by the entire team at Hermec, which will now provide the company with a vehicle to launch its unconventional expertise into India, which in turn will benefit the company’s share holders and also the Joint venture partners and the Government of India as a whole.
GNRL is having producing assets located in the petroliferous Cambay Basin with readily available evacuation infrastructure. It has a portfolio of 6 producing assets currently producing 46 BOPD of oil and 0.67 MMSCFD of gas (Net to the company) - 140 BOEPD net to the Company.
