Gazprom and Indian companies to collaborate on oil and gas projects
A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Dharmendra Pradhan, Indian Minister of Petroleum and Natural Gas, took place today at the St. Petersburg International Economic Forum 2016.
The parties discussed potential avenues for cooperation in the oil and gas sector. Particular attention was paid to the possibility of supplying LNG to India from Gazprom Group's international portfolio, including under the existing contract with GAIL.
In addition, the meeting participants addressed the prospects for collaboration between Gazprom and Indian companies in the field of oil and gas exploration and development, as well as scientific and technical cooperation.
With 1.5 trillion cubic meters of natural gas in proven reserves, India ranks fourth among Asian countries (with China, Australia, and Indonesia in the top three) in terms of gas reserves.
India's Ministry of Petroleum and Natural Gas controls and regulates oil and natural gas production, processing and distribution, as well as oil and petroleum exports and imports.
GAIL is India's largest gas company focused on gas exploration, production, transmission and processing, marketing of gas derivatives, and gas-fired power generation.
Between 2009 and 2016, Gazprom Group delivered 26 LNG cargoes to India totaling 1.7 million tons.
In 2012, Gazprom Marketing & Trading Singapore, which is part of Gazprom Group, and GAIL signed a long-term Sales and Purchase Agreement for liquefied natural gas. The 20-year Agreement provides for LNG supplies in the amount of 2.5 million tons per year on a free-on-board basis, with potential for renewal.