Gujarat Natural Resources Ltd Signs Supplemental Agreement for Transfer of Participating Interest in Qil Fields
Gujarat Natural Resources Ltd (GNRL) has signed a Supplemental Agreement to the Carried Interest Agreement and Deed of Assignment and Assumption on 10th October, 2024. This agreement is for the transfer of a portion of Participating Interest (P1) as operator of Qil Fields from its step-down subsidiary, GNRL Oil & Gas Limited (GOGL), to GNRL. The agreement was entered between GNRL Oil & Gas Limited (GOGL) and GNRL Oil and Gas (I) Private Limited (GOGIL). The purpose of the agreement is to add certain terms and conditions in the original agreement. GNRL holds 100% shares in GOGIL and GOGIL holds 100% shares in GOGL. GOGL has agreed to share revenue from its business operations with GNRL, up to a maximum of Rs. 2 Crore annually. This revenue will be paid quarterly to GNRL until the approval from the Government of India is obtained. The Board Meeting held on 20th March, 2025 to consider this matter commenced at 3:00PM and concluded at 3:30PM.
Key Highlights
- GNRL has signed a Supplemental Agreement with its step-down subsidiary, GOGL, for the transfer of Participating Interest in Qil Fields.
- The agreement is for the addition of certain terms and conditions in the original agreement.
- GOGL has agreed to share revenue from its business operations with GNRL, up to a maximum of Rs. 2 Crore annually.
- The revenue will be paid quarterly to GNRL until the approval from the Government of India is obtained.
- The Board Meeting held on 20th March, 2025 to consider this matter commenced at 3:00PM and concluded at 3:30PM.