Lower availability of gas from Panna-Mukta-Tapti (PMT) fields has hit the sales of Gujarat Gas, a subsidiary of BG Group, during the first quarter in 2009. The consolidated net sales for the first quarter declined to Rs 296.8 crore as compared to Rs 328.3 crore in the same period last year.
The company attributed short supply of gas from GAIL for the reduction in its sales. Gujarat Gas was receiving 2.78 mmscmd of gas from the PMT fields in the first quarter of 2008, which came down to 1.96 mmscmd in first four months of 2009.
The company sold 232 mmscm of gas during the quarter as against 313 mmscm in the corresponding period previous year. The Profit after Tax (PAT) also dipped to Rs. 36.6 crore compared to Rs 45.5 crore last year.
"Disruptions caused by a Force Majeure event and subsequent short supplies led to receipt of gas below contracted quantities", the company said in a statement.
"We are keen to procure gas from the new production Indian east coast and are actively working towards the same. We have also started procuring rLNG on spot basis and are exploring possibilities for entering into firm arrangements for securing rLNG. While the company remains committed to invest in growth, the requirement for additional gas is critical for growth now", said, Shaleen Sharma, managing director, Gujarat Gas.