New Delhi, June 19: State-run Gas Authority of India Ltd will increase its stake in Ahmedabad block, where 10 million barrels of oil and 300 billion cubic feet of gas reserves were discovered last week, to 50 per cent by acquiring half of US-based Joshi Technologies' 20 per cent stake. "Joshi Technologies' has exited the CB-ONN-2000/1 block in Cambay basin by divesting its entire shareholding in favour of Gujarat State Petroleum Corp (GPSC). The block being highly prospective, GAIL wanted a share in JTI's pie, a request which has been accepted by GSPC," sources said.

As per the agreement reached, GSPC and GAIL will equally share JTI's 20 per cent stake. The arrangement, which is yet to get Government nod, will make GSPC and GAIL equal partners in the block.
CB-ONN-2000/1 block was awarded to GSPC (40 per cent), GAIL (40 per cent) and JTI (20 per cent) in 2001 from the second round of offering of oil and gas blocks under New Exploration Licensing Policy (NELP). Bureau Report