OIL and NEEPCO sign 15-year Agreement for continued Gas Supply to Power Plant in Bokuloni, Assam

Oil India Limited (OIL) has inked a long-term firm Gas Sale and Purchase Agreement (GSPA) with North Eastern Electric Power Corporation Limited (NEEPCO) for continued supply of 1.4 MMSCMD of Natural Gas to NEEPCO's Assam Gas Based Power Station (AGBPS) at Bokuloni, Dibrugarh for another 15 years. The new agreement with a term of 15 years, succeeds the earlier 10-year arrangement between the two companies.

The agreement was executed by the Executive Director (Business Development), OIL Sh Ranjan Goswami and Executive Director (Operation & Maintenance), NEEPCO, Sh Bijit Kumar Goswami at the AGBPS office at Bokuloni, Dibrugarh, Assam.

AGBPS is the largest gas-based power plant in Assam and plays a vital role in meeting the Power Demand of the Region. The signing of this extended-term agreement reaffirms OIL's committment and confidence in its strong reserve base and its capability to ensure sustained gas supply from its domestic sources.

Through this long-standing partnership, OIL and NEEPCO continue to secure the Power needs of Assam and the Northeast, thus strengthening regional energy security and advancing the vision of affordable and clean energy.

As the anchor energy company of the region, OIL remains focused on expanding its upstream portfolio and supporting India's transition towards a gas-based economy.

Shares of Oil India Limited was last trading in BSE at Rs. 416.35 as compared to the previous close of Rs. 418.15. The total number of shares traded during the day was 128224 in over 2651 trades.

The stock hit an intraday high of Rs. 417.45 and intraday low of 407.40. The net turnover during the day was Rs. 53042178.00.

Source : Equity Bulls

Keywords

OilIndia INE274J01014 NEEPCO 15YearAgreement