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Our Bureau

Kolkata , Dec. 19

The GSPC group is negotiating with ONGC operated Panna-Mukta-Tapti joint venture for securing more gas on short-term contract.

The group, which apart from E&P activity maintains vast network of gas grid through its subsidiary Gujarat State Petronet Ltd (GSPL), currently takes roughly one million standard cubic metre of gas per day from PMT.

According to sources, the group flagship GSPC is now negotiating with PMT for an additional supply of 0.3 mmscmd natural gas at a price in the vicinity of $ 5.7 per million British Thermal Unit (mmBtu).

GSPC official sources said the group was negotiating with PMT joint venture for additional supplies and was yet to finalise the price and other details.

PMT sources, however, said the group was offered 0.3 mmscmd at a price of $5.7 from fresh capacities at Tapti field for a period of little more than one year till 2008.

It may be mentioned that PMT has recently finalised a contract with Gujarat Gas for supply of 0.7 mmscmd from Tapti field for a similar short-term period at a price of $5.7 per mmBtu, thereby creating a new benchmark in contracted natural gas prices.

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