The two companies signed a Cooperation & Confidentiality Agreement last week during the visit of the GAIL team to Brazil. In the detailed discussions that followed, Petrobras has also shown keen interest in partnering GAIL for various exploration projects including blocks in Iran such as Block 12.
The development comes close on the heels of GAIL along with its consortium partners signing the Exploration and Production Sharing Agreement (EPSA) with The Government of the Sultanate of Oman for Block 56 in Oman. GAIL has 25% participating interest in the consortium.
Currently, GAIL's total exploration acreage is 91,350 sq. km. with the participating interest in 16 exploration blocks. Of these, 7 are on-land blocks and 9 are offshore blocks. The various consortium partners of the company in the 16 blocks are ONGC, GSPC, Gazprom, OIL, IOC, Hardy Exploration & Production, Enpro Finance Private Ltd., ENI India Limited, Jubilant, GGR Canada, Daewoo, OVL, Korea Gas, Oilex, Videocon, BPCL and HPCL. GAIL's participating interests in these blocks varies between 10 to 80 percent.
GAIL has been looking to widen its E&P horizons to include strategic regions beyond Indian shores. GAIL's earlier international foray in E&P in Myanmar has been quite successful, with large gas discoveries in the A1 & A3 Blocks.
GAIL plans to aggressively pursue various exploration avenues and acquire E&P acreages in the international arena in consortium with international E&P players. GAIL has also been pursuing several "farm-in" opportunities worldwide to gain a strategic position in international E&P market.
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