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With the Union Cabinet clearing a policy giving operators the option to explore all unconventional hydrocarbons in the existing field, companies have started firming up their shale exploration plans.
Essar Oil & Gas Exploration and Production (EOGEPL) on Thursday said that it is planning to invest about Rs 70 billion for developing shale gas potential in its existing coal-bed methane block at Ranigunj in West Bengal. It has already appointed US-based Advance Resource International to come up with a plan on appraisal and development of shale in the existing block.
"We would need to invest close to Rs 700
