Gail to explore gas in Ethiopia
Gail India has been shortlisted to participate in the bidding process for exploration and development of Calub and Hilala gas fields.india Updated: Apr 13, 2006 14:23 IST
State-owned Gail India Ltd said on Thursday that it has been shortlisted by Ministry of Mines and Energy, Ethiopia, to participate in the bidding process for exploration and development of Calub and Hilala gas field in Ogaden on-land basin in Ethiopia.
Gail had submitted its 'Expression of Interest' along with with Gujarat State Petroleum Corporation Ltd (GSPC), the company informed the Bombay Stock Exchange.
The two gas fields are remotely located and therefore commercial exploitation of gas reserves would need setting up of gas processing facilities and a long distance gas pipeline to reach the potential markets, it said.
As all these activities fall within the company's area of core competence and operations, the company would participate in the bidding process with full interest.
The bids are due for submission by June 10.
As per preliminary information examined by the company, it is evident that both the fields may require more exploration resulting in further enhancement in gas and condensate reserves.
The company's share price were trading at Rs 306.25, up 0.08 per cent at the BSE.