MoU11 Oct 2024, 12:15 am
Gujarat Natural Resources Limited Signs Carried Interest Agreement with GNRL Oil & Gas Limited
AI Summary
Gujarat Natural Resources Limited (GNRL) has signed a Carried Interest Agreement with its step-down subsidiary, GNRL Oil & Gas Limited (GOGL). The agreement involves the transfer of 50% Participating Interest (PI) from GOGL to GNRL in the Qil Fields at Allora, Dholasan, North Kathana, and Unawa. The transfer is subject to the approval of the Government of India. GNRL will bear the capital expenditure/development cost on behalf of GOGL. The recovery terms, revenue sharing, operations, management, and other conditions will be as per the Carried Interest Agreement. The transaction is at arm's length and does not pose a potential conflict of interest.
Key Highlights
- GNRL has signed a Carried Interest Agreement with its step-down subsidiary, GOGL.
- The agreement involves the transfer of 50% PI from GOGL to GNRL in the Qil Fields at Allora, Dholasan, North Kathana, and Unawa.
- The transfer is subject to the approval of the Government of India.
- GNRL will bear the capital expenditure/development cost on behalf of GOGL.
- The transaction is at arm's length and does not pose a potential conflict of interest.