New Delhi, Sept. 26: Global oil firms Exxon-Mobil, Total, British Gas and British Petroleum are interested in the gas field discovered by Gujarat State Petroleum Corporation (GSPC) in the eastern offshore deep sea area of the Krishna-Godavri basin.

The companies have made presentations to GSPC on their business models for the gas field, a senior GSPC official told The Telegraph.

The global firms are usually more interested in buying into discovered oil and gas fields than in exploration blocks because of the lesser risk and quicker returns involved. Since they have large resources at their command they can afford to pick up these more expensive discovered fields.

With Indian companies ONGC, GAIL and Indian Oil also interested in picking up a stake in this field, GSPC is now smothered with offers.

The Gujarat government will decide on the right partner after considering the techno-economic inputs provided by GSPC.

Among the Indian companies, ONGC is the clear front-runner as it has the backing of the petroleum ministry. Moreover, it will be working in its area of core competence and it also has deeper pockets than GAIL or IOC.

The first successful well drilled in the exploration block has been capped and will be used as a production well when the field is developed.

GSPC is now gearing up to drill the next well in the block, which will help firm up the estimate of the in-place gas reserves. The results are expected some time in December. The company has also hired another foreign rig, Atwoot Beacon, which will start drilling operations in May next year. There is a heavy demand for rigs in the international market and oil companies are facing difficulties in hiring them.