NELP GAS ACREAGE PRIORITY FOR GAIL

Vol 3, PW 9 (26 May 99) News in Brief
     

Gas Authority of India (GAIL) has repeated its intention to bid for exploration acreage under the New Exploration Licensing Policy (NELP).

CR Prasad, Chairman, GAIL, tells Indian newspapers GAILs priority is to secure gas-prone acreage. Prasad said negotiations are underway with ONGC to select blocks among the 48 on offer where the two companies could launch a joint bid.

He said all areas were being considered: deepwater, shallow water and onland. Prasad said GAIL has spent the past few weeks building up a core team of geophysicists and geoscientists ahead of its move into exploration and production.

The GAIL chairman also suggested the possibility of a joint bid for concessions with a foreign multinational, but divulged no names.