Plans foray into city gas distribution
BG Indiaand IIT Bombay signed a sponsorship agreement for setting up a new M-Tech course in Petroleum Geosciences. The agreement would be valid for five years and the course would commence from the 2007-08 academic year with a batch of 10 students.
Mumbai, Nov. 7
BG India is expanding its operations in India, with plans to foray into city gas distribution in Andhra Pradesh, Karnataka and Tamil Nadu, depending on gas availability.
The operations of Gujarat Gas Company Ltd and Mahanagar Gas Ltd, in which BG holds a stake, would also be expanded, Mr Robert Wilson, Chairman of BG Group, told reporters, after signing a sponsorship agreement at IIT Bombay.
The company's city gas distribution venture, which got the approval of the Foreign Investment Promotion Board in September, envisages an investment of Rs 300 crore. As part of this project, BG India would be setting up three companies for the city gas distribution.
Mr Wilson said that the BG Group would also invest $1 billion over next five years for its India operations, concentrating on upstream, as well as downstream businesses. He also indicated that there could be increase in recoveries from its Panna, Mukta and Tapti fields.
BG India and IIT Bombay signed a sponsorship agreement for setting up a new M-Tech course in Petroleum Geosciences. The agreement would be valid for five years and the course would commence from the 2007-08 academic year with a batch of 10 students.
The BG Group, along with the IIT, would give cutting edge knowledge to the students, sharing with them valuable sub-surface geological data. Usually petroleum companies are reluctant to share geological data. The students would also have access to BG facilities, which would further enhance their practical skills.
Mr Rajeev Khanna, Director of Corporate Affairs with BG India, said that the new discoveries in oil and gas sector, especially in offshore areas have complex geological structures. "Also, these are located in deep waters. Therefore, the course will make them competent in deep-water petroleum geology," he said.
Mr Khanna also added that students would learn the state of the art `sub-surface modelling' that would help them interpret geological structures at depths of 4,000 mts to 5,000 mts.