MELBOURNE, Oct. 19 -- India's state-run gas company GAIL (India) Ltd. has earmarked about $500 million (Aus.) for oil and gas investment in Australia over the next 3-5 years.
The company plans to bid for petroleum exploration permits in the next offshore bidding round, which closes in April 2006, and is interested in production assets.
India's energy demand is forecast to increase by 4%/year over the next 2 decades. The country imports 70% of its crude oil and LNG from Qatar.
Currently it also is in discussions with the Gorgon joint venture and Woodside Petroleum Ltd. for the purchase of LNG (OGJ Online, July 1, 2005).
GAIL Chairman and Managing Director Proshanto Banerjee outlined the investment plans during a recent meeting with Western Australian Premier Geoff Gallop, who headed a Western Australian business delegation to India seeking rapport and possibly a free trade and economic agreement.