Gujarat Natural Resources Ltd Company Summary

Gujarat Natural Resources Ltd Summary

Gujarat Natural Resources Limited, incorporated in year 1991 was formerly known as Lesha Energy Resources Limited. The Company name was changed to Gujarat Natural Resources Limited in March, 2010 in Ahmedabad. The Company has primary focus in upstream oil & gas sector in India. It is presently engaged in the business of Oil & Gas exploration and production, and currently the Company is carrying on these activities through its 100% step down subsidiaries. It is an operator in majority of these fields held by the Government of India and operator as Gujarat State Petroleum Corporation Limited (GSPCL).In 2009-2010, the Steel Division of the Company was demerged into the Company and the Scheme of Demerger was given effect from 4th February, 2010. The Company acquired 100% stake in M/s. Gorlos Oil and Gas Pvt Ltd for total consideration of Rs 1543.50 lacs and it became subsidiary of the Company. Further, M/s Alkor Petro Overseos Ltd., M/s. Heromec Ltd, M/s. Gorlos Corporote Holdings Ltd, ond M/s. Heromec Oil & Gas (Singopore) PTE Ltd. being subsidiary of M/s, Gorlos Oil and Gas Pvt. Ltd. , become the subsidiary of the Company. Moreover, M/s. Gorlos Globol Energy PLC ISLE of MAN, being subsidiary of M/s. Gorlos Corporote Holdings Ltd also became the subsidiary of the Company.The Company through its subsidiary GNRL Oil & Gas Limited (formerly Heramec Limited), holds 30% participating interests in 6 producing blocks in Cambay Basin, Gujarat and is operator in five of these blocks. GNRL acquired GNRL Oil and Gas Limited (Formerly Heramec Limited through its acquisition of GNRL Oil and Gas India Pvt Ltd (earlier known as Sigma Oil and Gas Pvt Ltd (SOGPL) in June 2009.Apart from this, GNRL provides technical advisory services to its subsidiaries. Presently, the Company has exclusive agreement with Ajapa Integrated Project Management Consultancy Private Limited for well engineering and drilling project management services for its subsidiaries as well as other clients in Cambay Basin.