Sun Oil buys out Niko Resources stake in Hazira field

India’s Sun Oil and Natural Gas, a unit of Sun Petrochemicals Private Limited, has bought a 33.3 per cent stake in the Hazira oil and gas field from Canada’s Niko Resources Limited. The company is also in talks to buy more equity stake from GSPC. The deal value has not been disclosed. Currently, the Hazira field produces 1,300-1,400 barrels of oil per day (bopd) and 7 million-9 million standard cubic feet of gas per day. Niko has operated the field for over two decades. The Hazira field is part of 16 hydrocarbon assets in Gujarat’s Cambay basin in which GSPC holds stakes.