GAIL, Reliance to jointly bid for Indian oil and gas
15 Mar 2007
GAIL and Reliance Industries will jointly bid at the next auction of Indian oil and gas blocks rights.
U D Choubey, chairman, GAIL, told reporters after signing a memorandum of understanding with Reliance Industries, that the state-owned company was looking for joint cooperation in exploration and production areas and would bid for NELP-VII, due to be announced soon.
Earlier GAIL had signed an agreement with RIL to allow it to carry its gas from the KG Basin. and to jointly set up city gas distribution networks. He said GAIL had a 6,000 km pipe network that was not fully utilised, which RIL required to move its gas. In exchange, Choubey said GAIL would expect Reliance to give it rights to pipe gas extracted from a coal-bed methane gas block in Madhya Pradesh.