India’s present natural gas share in the country’s fuel basket is a mere 6.5% vis-a-vis the world average of 23.8%.
This was stated by the Minister of State (I/C) for Petroleum & Natural Gas Dharmendra Pradhan informed the Lok Sabha in a written reply today citing BP’s Statistical Review of World Energy, June 2015.
The minster however cited various measures that have been initiated by his ministry to increase the present level of gas share in the county’s fuel basket to meet the demand of natural gas in the country.
For instance, he said that the Government has approved a new Hydrocarbon and Exploration Licensing Policy (HELP) and same has been notified on 30th March 2016; auctioning of 67 discovered small fields of ONGC/OIL through international competitive bidding for early monetization.
Marketing and Pricing freedom for new gas production from Deepwater, Ultra Deepwater and High Pressure-High Temperature areas subject to certain conditions has also been granted to developers.
Other initiatives includes policy for grant of extension to the Production Sharing Contracts of 28 small and medium sized discovered blocks; Policy Framework for relaxation, extensions and clarifications at the development and production stage under PSC regime for early monetization of hydrocarbon discoveries; New Domestic Natural Gas price Guidelines, 2014: Under these guidelines, gas price has been linked to the market/ important hub prices; Appraisal of about 1.5 million sq. km un-appraised area of the Indian Sedimentary Basins; Re-assessment of Hydrocarbon Resources; National Data Repository has been setup and the Policy for exploration and exploitation of Shale Gas/Shale Oil resources by NOCs under the Nomination Regime.