GAIL & Petrobras to Jointly Bid in NELP V
GAIL (India) Limited and Petrobras will be partners during the forthcoming NELP VI bidding.
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.
Operates 35 Offshore Rigs
Manages 13 Offshore Rigs
- Exxon, Petrobras Form Alliance To Develop Oil, Gas Projects (Dec 14)
- Natural Gas In Petrobras Pipelines Up About 23% In 2017 (Dec 05)
- Petrobras CEO Says To Discuss Refining Partnership With CNPC CEO (Nov 15)
Company: Gas Authority India Ltd. (GAIL) more info
- India Seeks to Rework More LNG Contracts Amid Surplus, GAIL Says (Oct 04)
- LNG Price Row Between India, US Crimps Trump's Export Aims (Jun 30)
- India to Use Market Pricing for Part of Future Gas Finds in Complex Fields (Aug 11)