As crude oil prices continue to remain at elevated levels, a recent notification by the government to undertake an inconspicuous change in the definition of petroleum have brought in the much-needed regulatory boost to the exploration of shale gas. This new age untapped source of fuel might bring to an end, to some extent, India’s dependency on crude oil imports.
But what’s the fine print? Will the private sector, engaged in exploring and producing alternative sources of fuel like coal bed methane (CBM), be encouraged to start investing in shale gas and oil exploration?
In its notification issued on July 24, definition of petroleum was changed to include shale by implication. Read More