Australian oil and gas explorer Oilex Ltd has declined the right of first refusal (ROFR) over the 55 per cent participating interest held by Gujarat State Petroleum Corporation (GSPC) in the Cambay Production Sharing Contract (PSC).
With the ROFR now declined by Oilex, GSPC can now move forward to execute the final sale agreement with the preferred bidder for its 55 per cent stake and make the applicable submissions to the government.
GSPC had opened the bids received for its participating interest and invited the preferred bidder to finalise negotiations.
“This places us a step closer to realising the potential that has long been recognised in the Cambay project.
