Petronet eyes Australia gas projects
Petronet LNG is keen to join existing coal bed methane projects in Australia and plans for the first time to bid for gas blocks in the country’s next licensing round, its chief said on Monday.
Chief Executive Officer Prosad Dasgupta said his firm wants to source around 7-12 million tonnes of LNG from the CBM projects and is open to buying equity if allowed.
“For CBM, the focus is LNG. If I have to invest (in a stake) to secure supply, I will do it,” Dasgupta said.
Australia will announce the blocks to be offered under its next asset auction in early April.
“Participation in licensing round is part of our long-term strategy. It will be Petronet or Petronet with promotors (bidding for blocks) … If we bid, it will be first time that Petronet will be taking part in any licensing round,” Dasgupta said.
State firms Oil and Natural Gas Corp, Indian Oil Corp, Bharat Petroleum Corp Ltd and Gas Authority of India Ltd have stakes in Petronet.
Limited domestic availability has put pressure on Indian energy companies to scout overseas for opportunities to secure future energy supplies to satisfy the fast-growing economy
