GAIL signs Production Sharing Contracts for 15 NELP VI Blocks

Gail India Ltd has announced that on March 02, 2007 the Company has signed the Production Sharing Contracts (PSCs) for the 15 oil and gas exploration blocks that it won as a member of various consortiums during the NELP VI round of bidding. Dr. U D Choubey, CMD, of the Company signed the PSCs on behalf of the Company.

For the first time, the Company has become a joint operator along with GSPC in Block RJ-ONN-2004/1 in Rajasthan.

The Company in consortium with several national and international Companies had participated in 28 blocks under NELP VI.

With these 15 blocks, the Company now has a substantial E&P portfolio of 30 blocks which include 4 overseas blocks. The Company is involved in oil and gas exploration Activities over an acreage of over 1.96 lakh sq. km.

The Company's consortium (the Company, Arrow Energy, Tata Power Company and EIG Energy Infrastructure Group) has also been awarded 3 CBM blocks under CBM III bid round.

Source : Equity Bulls

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