The upstream petroleum industry in India is over a century old. Yet, it was only in 1961 that India's oil production figures exceeded One million tonnes per annum mark
More than 25 years ago, the Government of Gujarat conceived of the formation of a petrochemical company, that has today metamorphosed into a large-scale energy organization, excelling in a wide gamut of hydrocarbon activities.
Drawing inspiration from the exciting opportunities that the hydrocarbon sector offered in the wake of liberalization of Indian economy, GSPC refocused its Vision in 1992, widened the scope of its activities and rechristened itself as Gujarat State Petroleum Corporation in 1994, to enable a smoother journey towards its proactive vision.
With the Government of India’s decision to privatize the hydrocarbon sector, GSPC acquired several discovered fields in the first and second rounds of bidding process initiated by the Government of India during 1994 and 1995.
In 1997, the Government announced the New Exploration Licensing Policy (NELP) to facilitate huge investments in the hydrocarbon sector, specifically exploration activities.
GSPC was again among the first companies in India to take the lead by actively participating in NELP bidding processes and acquiring exploration fields and blocks across the country.
The amazing combination of technology and enterprise opened a wide spectrum of opportunities for GSPC. After the first ever credible breakthrough in the form of gas discovery at Hazira in 1994, GSPC went on to attain many more breathtaking milestones in the energy sector.
Today, GSPC is India's only State Government-owned company, in the Oil and Gas Exploration & Production (E&P) business. The Government of Gujarat holds approximately 95% equity stake in the company.
Portfolio of oil and gas fields/blocks expanded to 50. The company has emerged as a Global Player in E&P. GSPC has participated in bidding rounds for acquiring oil/gas acreages in Yemen, Egypt, Oman, Syria, Indonesia and Australia. The company has acquired exploration blocks in Australia, Egypt and Yemen. GSPC has also been awarded a block in Indonesia on a direct negotiation basis.