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Our Bureau

New Delhi , June 28

THE Chief Minister of Gujarat, Mr Narendra Modi, said on Tuesday that 85 per cent of the estimated 20 trillion cubic feet (TCF) gas find by the Gujarat State Petroleum Corporation Ltd (GSPC) in the Krishna-Godavari (KG) Basin is commercially recoverable.

Speaking to newspersons, Mr Modi said that the 20 TCF gas find in the Bay of Bengal was a conservative estimate. "The scientists have said 20 TCF, but I am optimistic it could be even more," the Chief Minister said. "We intend to bring this gas onshore for commercial usage by end of December 2007."

GSPC plans to produce 10 million standard cubic metres per day (MMSCMD) of gas from December 2007. The company proposes to infuse substantial capital in the project. It will also be examining various options for gas distribution besides taking them up with the States through which gas would be brought into Gujarat.

He did not rule out that a barter system could be developed with such States. On whether the GSPC would be tapping the capital market for funding its projects, Mr Modi said, "we are looking at all options." "An IPO is one of the several options we're looking at,'' he said.

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