GAIL looking to balance gas import portfolio

Energy major GAIL is looking at balancing its portfolio of gas importing contracts, executive director Rajeev Mathur said in Singapore on Wednesday.

Addressing the Gas Asia Summit, Mathur said, "We are seeing a trend where various options are being considered."

GAIL, one of the leading gas importers in India, has a portfolio of long-term, short-term and spot contracts.

Speaking to reporters, Mathur said emphasis was on affordable contracts from global suppliers, including the United States.

GAIL, which is looking at acquiring shale gas assets in the US, is also considering other opportunities in these unconventional resources.

Mathur pointed out that 1,785 trillion cubic feet of shale gas resources were in Asia out of the 6,622 trillion cu ft of global reserves.

He said the Turkmenistan gas pipeline was on track for supplying gas to South Asia, India being the big market.

The Turkmenistan pipeline via Afghanistan and Pakistan to India is expected to supply gas by 2018.

Separately, speakers and delegates at the Summit discussed buyer driven gas contracts given the recent downtrend in prices in the United States.