India is hatching its own plans for shale gas and could announce a new strategy in a fortnight, according to reports.
The growing Asian superpower is finally following the lead of southern hemisphere rival China which itself is chasing after the low gas prices the US is enjoying from its shale gas boom.
With the world’s largest population of 1.3 billion and counting, India has to supply power to a growing population, while some regions have heavily subsidised energy.
One reason for developing its own shale assets could be to avoid prices of gas rising and so keep a cap on these subsidies.
A lack shale gas policy has so far forced Indian oil and gas firms like Reliance Industries, GAIL and Oil India to look abroad, reported Reuters. The agency quoted Veerappa Moily, India’s oil minister as saying the unconventional gas could be a “game changer”.