Chevron and Reliance Industries (Mukesh
Ambani group) are planning to
float a joint venture to market natural gas for exploration blocks that they will
jointly operate. This will include gas sold from Reliance's KG basin field where
Chevron is likely to pick up almost 30-40 per cent participating interest.
The JV will look into the
following
- Possibility of importing LNG from
Chevron's overseas assets where Reliance will be acquiring participating
interest.
- To market the surplus gas from the
KG basin to customers other than the Anil Ambani Group and NTPC to whom the
gas has already been committed.
Chevron's participation in Reliance 's
upstream venture is not limited to KG basin alone. The MoU signed recently
between the two companies includes joint collaboration for marketing gas that is
not yet committed to customers. Also the gas will mandatorily have to be sourced
from fields where both Reliance and Chevron have participating interest.
Also See:
Chevron
to pick stake in D6 block, becomes co-promoter of RPL (21-Apr-06)