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India's GAIL eyes more long-term natural gas contracts

Indian state-owned gas utility GAIL is pushing to renegotiate more long-term contracts, following Petronet's renegotiations with ExxonMobil and RasGas, GAIL chairman and managing director B C Tripathi said at a local industry event, according to media reports.

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Petronet recently renegotiated its 1.5 million mt/year contract with ExxonMobil from its Gorgon project.

In 2015, Petronet reached agreement with RasGas to reduce the contract price and waive a penalty payment for now lifting the agreed volumes in 2015, and in return increase the 7.5 million mt/year contract by an additional 1 million mt/yr for a 12-year period from 2016.

Tripathi also called for a government policy push to double India's natural gas consumption to 15% of the energy mix, up from the present 6%-7%.

--Edwin Loh, edwin.loh@spglobal.com
--Edited by Dan Lalor, daniel.lalor@spglobal.com