OIL and GAIL signs 15-year Gas Sale and Purchase agreement for supply of up to 900,000 SCMD of natural gas from OIL's Rajasthan fields

Oil India Limited (OIL) and GAIL (India) Limited, two leading Maharatna CPSEs under the aegis of Ministry of Petroleum & Natural Gas have signed the agreement for extending the existing Gas Sale and Purchase Agreement for another 15-years, starting from 1st July 2025, to supply up to 900,000 Standard Cubic Meters per Day (SCMD) of natural gas from OIL's Rajasthan Gas Fields.

The agreement was executed by Shri Ranjan Goswami, ED (BD), OIL and Shri Sumit Kishore, ED (Gas Marketing), GAIL at GAIL's Corporate Office, New Delhi.

This agreement highlights the dedication of both Maharatna CPSEs in production, transportation and distribution of gas available from domestic gas fields demonstrating their collaborative approach to enhancing energy security and accessibility. The sourced gas will be supplied to State run power plant M/s Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) for production of power.

OIL remains committed to strengthening its upstream portfolio through continued exploration and development across the country and GAIL plays a pivotal role in monetization of gas.

Shares of Oil India Limited was last trading in BSE at Rs. 445.30 as compared to the previous close of Rs. 442.95. The total number of shares traded during the day was 29250 in over 747 trades.

The stock hit an intraday high of Rs. 447.45 and intraday low of 441.75. The net turnover during the day was Rs. 13021412.00.

Source : Equity Bulls

Keywords

OilIndia INE274J01014 GAILIndia Agreement GasSale Purchase Agreement