GAIL to invest Rs 700cr to harness oil and gas in Myanmar

New Delhi, Sep 14 (UNI) State-owned Gas Authority of India Ltd (GAIL) will invest Rs 700 crore in harnessing oil and gas reserves in the Eastern coast of Myanmar in the next two years.

''By next year, the demand of gas will increase by 133 million cubic meter per day (mcmpd), and by 2032, it will climb to 347mcmpd.

To fulfill the demand, GAIL will spend Rs 700 crore for tapping large pool of oil and gas reserves in Myanmar in the next two years by acquiring and making joint ventures,'' GAIL Deputy General Manager (Projects) E S Ranganathan told a national seminar on Tubes Industry organised by CII here today.

He, however refused to divulge further details on the acquistions.

The focus will be on the augmentation of gas supplies for the pipelines coming from Myanmar, he added.

Mr Ranganathan said that hiring skilled manpower is on the high-priority list in order to gain E and P expertise.

The number of blocks, now, have reached 16 with 7 onshore, 9 offshore including 3 farm in.

Recently, GAIL has won an onshore block in Oman with 25 per cent share.

GAIL has its capital expenditure plan of around Rs 3000 crore this year, of which 63 per cent will be spent on gas pipelines.

Mr Ranganathan said the company has incorporated with Ratnagiri Gas and Power Pvt Ltd in partnership with NTPC with an equity contribution of Rs 500 crore, for Natural Gas trading and transmission.

Mr Ranganathan, however, said GAIL will set up two LNG terminals at Dabhol 5 Million metric tonnes per annum (mmtpa) and Kochi (5 mmtpa) besides two existing one each at Dahej (10 mmtpa) and Hazira (2.5 mmtpa). Thus, GAIL will have four full-fledged LNG terminals by 2009-10.

To diversify downstream, GAIL is looking at Assam Cracker and Kochi Gas Cracker.

UNI SBA DKS RP VV1735