- Business
- Indus Gas Limited (INDI.L) is an oil and gas exploration and development company incorporated in Guernsey in 2008 and headquartered at St Martins House, Le Bordage, Saint Peter Port, Guernsey; the company explores, develops, produces, distributes and markets hydrocarbons, including natural gas and condensate, primarily from Block RJ-ON/6, an onshore petroleum concession covering approximately 2,176 square kilometers in Rajasthan, India, within the mid-Indus Basin; it holds a 90% participating interest in the block (63% in the SGL gas field) through wholly owned subsidiaries iServices Investment Limited in Mauritius and Newbury Oil Company Limited in Cyprus, alongside joint venture partners Focus Energy Limited (operator, 10% interest) and Oil and Natural Gas Corporation Ltd. (ONGC, with back-in rights for 30% in discovered fields); core products and services encompass natural gas production from the SGL, SSF and SSG fields (with commercial production from SGL since 2010 and SSF/SSG since 2021), condensate sales (contributing around 8% of revenues), gas processing via one of India's largest CO2 amine stripping plants with capacity up to 65 mmcf/d, and infrastructure including production wells, flow lines, gas gathering stations and a 90-km pipeline to GAIL (India) Limited, its primary off-taker under take-or-pay terms; the company targets power generation, industrial and city gas distribution customers in India's growing domestic market. Operations remain focused on India with ongoing drilling, workovers and reserve monetization amid government emphasis on energy self-reliance; gas sales to GAIL continue under an interim term sheet extended to January 2026 following the September 2024 expiry of the prior Gas Sales and Purchase Agreement (GSPA), with negotiations for a new long-term GSPA pending Production Sharing Contract (PSC) extension (expired August 2024, renewal applied for); FY2025 (ended March 2025) saw revenues of US$29.65 million (down from US$42.93 million), operating profit of US$26.39 million, full repayment of secured bank loans, US$18.37 million invested in property, plant and equipment (impaired to US$776.14 million), recognition of income from expired GAIL make-up gas rights (amid arbitration, deemed non-provisionable), board changes including Atiq Anjarwalla, Elizabeth Powell and Nicholas Saul as independent non-executives and subsidiary director shifts (Wendy Ramakrishnan stepped down March 2025, Rathee Jugessur appointed), and sustained related-party funding support.