GAIl up almost 3%
By
Research Desk
about 11 years ago
GAIL is doing well today morning, with the stock currently trading in the green at Rs.342.95, up almost 3%. This is currently its intra day high.
The stock is up on news that the company is in talks to acquire Ophir Energy's 10% stake in gas blocks in Tanzania. Ophir had offered to sell a 40% percent stake in the Tanzania gas field, half of which has already been sold to Singapore's Pavilion Energy .
GAIL is actually looking to acquire 20% stake in blocks 1, 3 and 4, which hold an estimated 15 trillion cubic feet (tcf) of gas reserves. But the news is that it has put a price of about $600 million for a 10% interest.