PMT to continue gas supply to Gail

Gail India Ltd today said the Panna-Mukta-Tapti (PMT) consortium of Reliance Industries Ltd, ONGC and British Gas would continue to supply 6 mmscmd of natural gas to it beyond March 2006.

Gail informed BSE that the 6 mmscmd of gas will be supplied "broadly on the same terms and conditions" as earlier.

The state-run company has also contacted the PMT joint venture with an offer to take their entire production at market prices on a long term basis.

The PMT gas fields were handed over to the consortium for development.

The gas will be received by the government of India or Gail, as per the production sharing contract (PSC) between the consortium and the government of India.