ONGC and GAIL Ink Gas Supply Agreement
Oil & Natural Gas Corporation Limited (ONGC) and GAIL (India) Ltd. signed a Gas Supply Agreement for the supply of gas from ONGC oil and gas fields. The GSA was signed by Shri R S Sharma, Chairman and Managing Director, ONGC and Shri Proshanto Banerjee, Chairman and Managing Director, GAIL in the august presence of Shri Murli Deora, Hon'ble Minister of Petroleum and Natural Gas; Shri M S Srinivasan, Secretary, Ministry of Petroleum and Natural Gas and other senior officials of the Ministry.
Prior to the execution of this GSA, sale and purchase of gas between the two companies was pursuant to a MoU executed in 1990 and extended further in 1999. The GSA signed today has a duration of 15 years.
The gas produced by ONGC from its fields in Western Offshore, KG Basin (Andhra Pradesh), Cauvery Basin (Tamil Nadu), Tripura, Gujarat, Assam etc. is sold to GAIL under this agreement. GAIL further markets this gas to downstream customers connected to GAIL's pipeline network, predominantly to power and fertilizer customers.
Signing of the GSA between the companies further strengthens the relationship between these two Navratna companies on a long-term basis with due recognition of market forces and supply security
Operates 37 Offshore Rigs
Manages 8 Offshore Rigs
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