GAIL looking to acquire more shale gas assets in US

State-run gas utility GAIL (India) is looking at increasing its shale gas assets overseas, especially in the United States, in a bid to boost its supply sources. The company is also planning to open a trading desk for liquefied natural gas (LNG) in Singapore.

"We are looking for more assets there," chairman B C Tripathi said, adding, "We can't fix a timeline but we hope something will come out in six month."

Tripathi was speaking to reporters at a press conference on the sidelines of its annual general meeting of the company today.

He said GAIL will open an office in Houston on 1 November aimed at consolidating its presence in shale gas assets in the United States, and use the expertise for exploration in India.

GAIL, which is actively scouting for LNG from various sources for both its long-term as well as short-term requirements, plans to set up a trading desk for sourcing LNG as well as trading on arbitrages. The desk will also look at logistics and shipping requirements for moving LNG to India, reports said.

Besides price and supply hedging, it would develop a model for long-term, medium-term and short-term sales purchase agreements.