GAIL, OIL agree to bid jointly for NELP
State-run GAIL India Ltd said on Thursday it has signed a memorandum of understanding with explorer Oil India Ltd for cooperation and to bid jointly for oil and gas assets being auctioned by the country.
By PTI |
MUMBAI: State-run GAIL India Ltd said on Thursday it has signed a memorandum of understanding with explorer Oil India Ltd for cooperation and to bid jointly for oil and gas assets being auctioned by the country.
The two firms will cooperate in exploration and production, natural gas marketing and transmission, city gas distribution, petrochemicals and technology, it said in a statement.
The two firms will also jointly bid for blocks being auctioned in the seventh round of the New Exploration and Licencing Policy, as well as overseas exploration blocks.
Bids for NELP-VII, launched earlier this month, are scheduled to close on April 11. This is India's biggest auction yet and the first under new rules aimed at attracting global firms.
India expects to draw somewhere between $3 billion and $3.5 billion for the 57 blocks that will go under the hammer. GAIL and OIL are already partners in the Brahmaputra Cracker and Polymer Ltd in the eastern Assam state, GAIL said.
The two firms will cooperate in exploration and production, natural gas marketing and transmission, city gas distribution, petrochemicals and technology, it said in a statement.
The two firms will also jointly bid for blocks being auctioned in the seventh round of the New Exploration and Licencing Policy, as well as overseas exploration blocks.
Bids for NELP-VII, launched earlier this month, are scheduled to close on April 11. This is India's biggest auction yet and the first under new rules aimed at attracting global firms.
India expects to draw somewhere between $3 billion and $3.5 billion for the 57 blocks that will go under the hammer. GAIL and OIL are already partners in the Brahmaputra Cracker and Polymer Ltd in the eastern Assam state, GAIL said.
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