BG India is set to strike strategic alliances in gas exploration with domestic oil majors.
William Adamson, managing director, BG India, said, "The company's joint ventures in the country have met with huge success. Buoyed by this success, we are looking for partners in oil and gas blocks bids under the new exploration and licensing policy (NELP) VI."
BG was involved in bidding for two deepwater exploration blocks as part of the NELP IV bidding in 2003 and one deepwater exploration block as part of NELP V.
However, he did not mention the identity of the companies he would like to strike arrangements with, industry sources said BG might "rely on its previous partners."
The company met success in its joint ventures with ONGC in KG basin. It also had a tie-up with ONGC and Reliance Industries for Panna-Mukta-Tapti.
Besides, BG is planning to strengthen gas distribution network in Gujarat through its arm Gujarat Gas Company.
"Exploration and production in PMT has become highly successful. Consortia partners are looking for further expansions in the upstream activities at PMT. The potential of the natural gas business in India seems bright with the soaring demand for it," he said.
"BG India had a 50:50 joint venture with ONGC in three offshore deepwater exploration blocks in the Krishna Godavari (KG) Basin. The KG Basin is an important gas province for India and we are committed to playing a part in its development. Both the companies have also agreed to explore other mutually beneficial opportunities in India and overseas," Adamson said.
He refused to comment on the ongoing controversy over gas supplies to the power and fertiliser consumers of Gas Authority of India from the PMT fields.
Production at PMT has declined from an average 10.8 million standard cubic meters per day (mmscmd) to about 10 mmscmd.
The producers had requested government to allow them to sell gas directly to customers rather than having it routed through GAIL.
With the purchase in 2002 of substantial interests in offshore oil and gas fields in the Gulf of Cambay and north west of Mumbai, BG India established itself as a major exploration and production player in India.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Discussion Group
