Home > Business > PTI > Report

Gail signs deal with Mosbacher India

July 01, 2003 19:15 IST

State-run gas firm Gas Authority of India Ltd on Tuesday said it has signed an agreement with Mosbacher India and Hindustan Oil Exploration Co Ltd for sale and transportation of gas produced from PY-1 fields in offshore Cauvery basin.

B S Negi, director (planning) inked the agreement for Gail while Robert Mosbacher and Ajit Kapadia signed for MIL and HOEC respectively, a company statement said in New Delhi.

As per the agreement, Gail will take delivery of natural gas from the consortium and transport it through a pipeline from the offshore facility to onshore facilities in Tamil Nadu. Gail will construct the offshore pipeline to transport the gas.

PY-1, the first Cauvery Basin offshore gas field being developed, is located at a distance of 18-kms from the shore. The pipeline would commence operations within a span of 2-3 years.

MLC and HOEC have 54 and 46 per cent interest in the PY-1 fields. These fields were awarded by the government to the consortium in the pre-NELP (New Exploration Licensing Policy) round.

The PY-1 field is predominantly a gas field with an estimated gas reserve in excess of 200 billion cubic feet.

The consortium of Houston (US) based MIL and independent explorer HOEC is also prospecting for oil and gas in another block CY-OSN-97/1 in offshore Cauvery basin. MIL is the designated operator for this field also.

Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor



Related Stories


Cambay: HOEC may buy BG's stake

TotalFinaElf keen on ONGC pie

Gail moots CNG consortium



People Who Read This Also Read


Court summons ex-Balco CMD

GMI June sales surge 77.3%

Ciber, iGate Global form JV




© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.








Copyright © 2003 rediff.com India Limited. All Rights Reserved.