Introduction: Adani Welspun Exploration Limited (AWEL) is a joint venture (JV) company between Ahmedabad based Adani Group and Mumbai based Welspun Group to undertake upstream oil & gas business. In this JV, Adani Group holds 65% through its flagship company Adani Enterprises Limited (AEL), while Welspun Group holds 35% through Welspun Natural Resources Pvt. Ltd., a subsidiary of its flagship company Welspun Gujarat Stahl Rohren Limited (WGSRL). AEL & WGSRL are listed on various Stock Exchanges.
Business Activity: AWEL had successfully won two onland exploration Blocks with majority shareholding (90%) in NELP-VI bid round, one in Cambay Baisn (CB-ONN-2004/5) and the other in Assam-Arakan Basin (AA-ONN-2004/4). AWEL was awarded another Block in Mumbai offshore (MB-OSN-2005/2), close to Tapti fields, in NELP-VII bid round, where the company is the operator with 100 % working interest. AWEL has two more concessions (L39/48 & L22/50) with 100 % operating interest in onshore Thailand. Recently, AWEL has been awarded an offshore Block (Block 5) in Gulf of Suez, Egypt in consortium with GSPC.
AWEL has a strong and experienced management and technical team in place and has already built a prospective portfolio of onshore, offshore and international assets. AWEL aims to be a medium sized Oil & Gas company with exploration & production assets globally.