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GAIL

Written by: Staff
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Mumbai, June 29 (UNI) The state owned gas transporter GAIL India Ltd today announced that it will partner with Petrobras, Brazil's energy giant, to take part in the forthcoming NELP VI bidding.

Announcing this to BSE, the two companies signed a Cooperation&Confidentiality Agreement last week during the visit of the Company's team to Brazil. In the detailed discussions that followed, Petrobras has also shown keen interest in partnering the Company for various exploration projects including blocks in Iran such as Block 12.

The development comes close on the heels of the Company 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. The Company has 25 per cent participating interest in the consortium.

Currently, the Company'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 Pvt Ltd., ENI India Ltd, Jubiliant, GGR Canada, Daewoo, OVL, Korea Gas, Oilex, Videocon, BPCL and HPCL. The Company's participating interests in these blocks varies between 10 to 80 per cent.

It has been looking to widen its E&P horizons to include strategic regions beyond Indian shores. The Company's earlier international foray in E&P in Myanmar has been quite successful, with large gas discoveries in the A1&A3 Blocks.

The Company plans to aggressively pursue various exploration avenues and acquire E&P acreages in the international arena in consortium with international E&P players. It has also been pursuing several ''farm-in'' opportunities worldwide to gain a strategic position in international E&P market.

UNI SN ADG AG1643

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