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Petronet, ONGC Videsh eye stake in Tellurian project - Mr Singh

Gasoil News - Published on Tue, 06 Nov 2018

Image Source: The Economic Times
Reuters cited Mr Prabhat Singh, Petronet's managing director as saying that India's Petronet LNG and ONGC Videsh are jointly in talks about buying a stake in Tellurian Inc's proposed Driftwood project in Louisiana. He said that "We have moved slightly forward (from the preliminary discussion stage). We are evaluating it seriously and we are in serious discussion with them." India is expanding its pipeline network and building new liquefied natural gas (LNG) import terminals to boost use of the cleaner fuel in the country.

Prime Minister Mr Narendra Modi has set a target to raise the share of natural gas in India's overall energy mix to 15 percent in the next few years from about 6.5 percent at present.

Petronet is India's top gas importer with no experience of the upstream business, which is why it is tying up with ONGC Videsh, the overseas investment arm of Indian oil producer Oil and Natural Gas Corp.

Mr Singh said that "We want confirmation and confidence of upstream, we want to mitigate geological risk."

ONGC Videsh's managing director N. K. Verma declined to comment when asked by Reuters. Tellurian is offering a 60 to 75 percent equity interest in Driftwood Holdings, which comprises Tellurian's upstream company, its pipeline and the upcoming terminal that will be able to export 27.6 million tonnes a year of LNG, its co-founder Martin Houston told Reuters last year.

Mr Singh, however, said that Petronet was also in talks with several other players about buying a stake in assets spanning from drilling to dispensing, saying it was a bold step for the firm.

Source :

Posted By : Joykumar Irom on Tue, 06 Nov 2018
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