New things to look forward to!
Although the Natural gas sector in India is on its way up, there is always scope for MORE! Recently, a massive development in the area has come about with the approval of the Shale Gas Oil Exploration program by CCEA. India will now be able to boost its domestic output further.
Under this program, the National Oil Companies will be able to carry out exploration and optimum utilization of unconventional hydrocarbon resources particularly shale gas and oil. (In their already awarded onland Petroleum Exploration License/Petroleum Mining Lease (PEL/PML) acreages under the nomination regime).
The US, Canada and China are concentrating on the potential of the natural gas trapped in sedimentary rocks, below the earth’s surface. This is the most promising solution, as an alternative to conventional oil and to the growing GAS needs. Available data and research shows (http://goo.gl/bGN6m1) that the 6 basins in India (Cambay (in Gujarat), Assam-Arakan (in the North-East), Gondawana (in central India), KG onshore (in Andhra Pradesh), Cauvery onshore and Indo-Gangetic basins) hold shale gas potential. According to the U.S Geological survey report, January 2012, India holds about 6.1 trillion cubic feet of technically recoverable shale-gas reserves in three of its basins.
According to an article (http://goo.gl/y5wc4i), oil import costs in India surged to a record $144.3 billion in the year through March. This is more than 8% of gross domestic product. As far as the details of the program are concerned, it will work in 3 phases. It would start with ONGC and Oil India Ltd (OIL) exploring and producing shale oil and gas from onland blocks (that were allotted on a nomination basis before advent of the New Exploration Licensing Policy in 1999).
This is a positive endeavour to a better future, unlocking the all new possibilities that lie ahead.