Gulf Oil and Gas accountACCOUNT

GAIL keen to invest in Australia

Source: www.gulfoilandgas.com 10/4/2005, Location: Not categorized

GAIL (India) Ltd. has expressed its keen interest in the exploration and the production ventures in Australia as well as in the LNG liquefaction ventures there. GAIL made a brief presentation on its existing business activities and the possible areas of cooperation with Western Australia to Dr, Geoff Gallop, Premier, Western Australia during his visit to GAIL on the 3rd of October 2005. Dr. Gallop, accompanied by the ministerial delegation, visited GAIL for discussion on the possible areas of co operation in the energy sector.

During the discussions, Dr. Gallop mentioned that Western Australia is considering setting up of energy related development facility at Perth and invited GAIL to participate in the venture. GAIL welcomed the move and indicated its interest in such venture. In this regard, GAIL CMD, Mr. Proshanto Banerjee suggested transportation of CNG by ship technology, synthetic hydrate for gas transportation, on board regasification vessel and coal gasification technology as possible areas of research and development which would have a profound effect on energy transportation and its use. This is because coal is in abundance in Australia as well as in India.

GAIL proposes to invest to the tune of US $ 500 million to be phased in 3-5 years. The Australian Government has invited bids in the oil & gas exploration and production. The deadline for the bids is April 2006 and GAIL is looking forward at taking part in the ongoing bidding rounds for the oil and gas blocks.

To meet the requirement of LNG for its projects including Dhabol, GAIL is in talks with companies operating in Australia for sourcing the gas. GAIL is looking to buy around 5-7 million tonnes of LNG a year from Australia. Talks are on with North West Shelf, Woodside and Gorgon for the supply of LNG for its projects in India.

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