New Delhi: State owned - Gas Authority of India Limited said on Thursday it would jointly bid with Brazil's Petrobras for oil blocks in India being offered by the government under a new exploration licensing policy.
India has put on offer 55 blocks in the sixth round of the New Exploration and Licensing Policy (NELP) and has invited global firms to help tap the country's energy reserves.
"The two companies signed a cooperation and confidentiality agreement last week during the visit of the GAIL team to Brazil," a company statement said.
"In the detailed discussions that followed, Petrobras has also shown keen interest in partnering GAIL for various exploration projects including blocks in Iran, such as Block 12." GAIL shares were up 3.5 percent at 261.95 rupees in a firm Mumbai market.
In March, Petrobras tied up with oil refiner India's state-run Bharat Petroleum Corp Ltd to make a joint bid in the latest NELP round.
Oil Minister Murli Deora said in February the government expected oil firms - including overseas majors - to invest up to $7 billion in oil and gas exploration during the round.
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