New Delhi: GAIL (India) Ltd and ONGC are working out a commercial agreement to market gas from the latter''s marginal field in Mumbai offshore. GAIL expects to receive an additional 3-4 million standard cubic metre per day (mmscmd) of gas at a market-related price. Discussions are on with GAIL for marketing 3.2 mmscmd of gas from C-series field. The market price is at least 40-45 per cent more than the administered price decided by the Government. Since 2006-07, GAIL has been getting 4.8 mmscmd of gas from Panna-Mukta-Tapti field produced by the joint venture between Reliance Industries Ltd, ONGC and BG at $4.75 per mBtu. This gas from ONGC would help GAIL partially meet the deficit in demand and enhance the revenue of GAIL.
The fields are estimated to hold in-place reserves of 15.54 billion cubic metre of gas and 4.46 mcm of condensate. The estimated gas production from the field is more than 3 mmscmd. ONGC is investing about Rs 3,195 crore on developing this field. GAIL and ONGC have accorded on a joint-venture approach for monetising the gas reserves discovered by ONGC in Krishna Godavari and Mahanadi basins. It will synergise the production, transportation and distribution strengths of ONGC and GAIL.
The fields are estimated to hold in-place reserves of 15.54 billion cubic metre of gas and 4.46 mcm of condensate. The estimated gas production from the field is more than 3 mmscmd. ONGC is investing about Rs 3,195 crore on developing this field. GAIL and ONGC have accorded on a joint-venture approach for monetising the gas reserves discovered by ONGC in Krishna Godavari and Mahanadi basins. It will synergise the production, transportation and distribution strengths of ONGC and GAIL.
No comments:
Post a Comment