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India asks firms to expedite efforts to establish shale oil & gas potential

Reuters  |  NEW DELHI 

By and Nidhi Verma

NEW DELHI (Reuters) - is looking to expedite discovery efforts to establish the country's shale and has asked companies to submit a plan, two industry sources said on Sunday.

In late 2013, gave rights to Oil and Corp Ltd to explore for shale However, after years of exploratory reserves, it has failed to find significant resources.

In January, India's (DGH) held a meeting with representatives from various private and government companies to urge them to pursue shale resources in the already held by them, a source at the regulator said.

"The idea is to bring shale on the map of or just close the chapter once and for all within three years," an from one of the companies who attended the meeting said.

India is a and imports almost half of its annual consumption. wants India to be a and increase the share of gas in the country's mix to 15 percent by 2030 from 6.5 percent now.

All coal bed methane (CBM) developers were invited to the meeting in January, the said.

"A joint group plan is also being explored which will act as a platform of knowledge and infrastructure sharing which could help in expediting shale development," according to the

Currently CBM gas is produced by three companies in India - Mukesh Ambani-owned Reliance Industries Ltd, Ruia brothers owned & Gas Exploration and and Great Eastern Corp Ltd.

CBM is a kind of which is found in coal deposits.

State-owned also has CBM blocks.

Currently the most promising region of shale deposits is around the eastern part of India called as basin, where the first exploration for shale is expected to start.

(Reporting by Promit Mukherjee; Editing by Elaine Hardcastle)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, February 10 2019. 17:25 IST