GAIL, Reliance in JV Talks for NELP VII Blocks

NEW DELHI Oct. 1, 2007 (Dow Jones Newswires)

GAIL India Ltd. (532155.BY) is in talks with Reliance Industries Ltd. (500325.BY) on forming a 50:50 partnership to make exploration and production bids for new oil and gas blocks, the Financial Express reported Monday, citing GAIL chairman and managing director U.D. Choubey.

"We are in talks with Reliance Industries for a joint venture to bid in NELP VII. We are also looking at overseas blocks," the report said, quoting Choubey.

Bidding for exploration blocks in India under the new exploration licensing policy, or NELP, is scheduled to take place in November.

Copyright (c) 2007 Dow Jones & Company, Inc.

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