The GAIL India has announced that it has bagged the rights to market the entire gas jointly produced by Reliance Industries, British Gas and ONGC from the Panna-Mukta-Tapti fields.

The GAIL India, which currently markets 4.8 million standard cubic meters per day of gas from the fields lying in western offshore, will now get to market the entire output of 15.5 mmscmd from PMT fields, company official stated.

The company official further stated "With the incremental volumes for marketing, we will earn about Rs 100 crore annually from marketing margins and Rs 450 crore more annually from transportation charges.”

At this time, Reliance Industries, ONGC and BG, in proportion to their equity, market about 10 MMSCMD of gas.

Sources said, “GAIL, which currently does not get a marketing margin on PMT gas, will get to charge US $0.12 per million British thermal unit (mBtu) on the entire gas volume from April.”

The GAIL India stock, on yesterday, closed at Rs. 427.75, up 1.17% on NSE.