Today Gazprom’s Headquarters has hosted a working meeting between Alexander Medvedev, Deputy Chairman of Gazprom’s Management Committee and Dinsha J. Patel, India’s Minister for Petroleum & Natural Gas.

The parties discussed issues of cooperation between Gazprom and Indian companies in the oil & gas sector. In the nearest future the parties plan to convene sessions of the Coordination Committees for Cooperation between Gazprom, GAIL (Gas Authority of India Limited) and ONGC (Oil & Natural Gas Corporation) with the view of identifying concrete collaboration strategies and projects including for the exploration, production, transmission, processing and sales of hydrocarbons in India, Russia and third countries.

The parties also addressed the potential for pipeline natural gas supply to India and agreed to go on discussing Gazprom’s possible participation in said projects.

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Fifth-largest in Asia Pacific after Indonesia, Australia, Malaysia and China, India’s proved natural gas reserves accounted for 920 bcm as of 1 January 2005, with 70% of the reserves located in the Bombay High basin and the state of Gujarat.

Over 2004 India produced 29.4 bcm of natural gas, which was entirely supplied to domestic consumers. 90% of the gas is extracted by state owned firms and the rest, by private companies and joint ventures. The share of natural gas, coal, oil, hydro power and nuclear power in India’s energy balance accounts for 8%, 53%, 32%, 5% and 2%, respectively. According to projections, natural gas demand will grow to 43 bcm in 2006 and 110 bcm in 2010. India nurtures plans to import pipeline gas from Iran and Bangladesh, with LNG already being imported from Qatar (2.63 bcm in 2004).