The Hindu Business Line : GAIL ventures into marketing of crude oil

GAIL (India) Ltd has announced its foray into marketing of crude oil with the flagging off of the first tanker of crude oil produced by it from the block in Cambay basin.

According to a company release, in the block CB-ONN-2000/1 in Cambay basin GAIL is a consortium partner with 50 per cent participating interest with Gujarat State Petroleum Corporation Ltd (GSPCL).

With this development, GAIL's foray into exploration and production activities has started yielding revenues, the company said.

Initially, it is expected to be in the order of Rs 18 crore a year, which is expected to increase fourfold subsequently.

According to the release, initial production from the field is around 350 barrels a day, which is expected to increase up to 1,500 barrels a day in future.

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