Natural Gas has been projected as the fuel of 21st century and rightly so, driven by number of factors covering growing concerns and acceptance about global warming, technological advantages of gas use in power generation and other end use sectors, growing substitutability of liquid petroleum products by gas, more wider geographical distribution of gas reserves globally, advances made in scaling up LNG production and shipping capacities and, finally, emergence of new and unconventional gas resources as very credible supply sources over long term.
India’s natural gas sector primarily characterized by lower availability and widening demand, with 1.24 billion striving to improve their lifestyle will contribute further to the widening of this demand supply gap. Indian gas demand is met by increasing natural gas imports in the form of LNG (Liquefied Natural Gas) imports which are expected to rise significantly over the next five years.
There’s a compelling opportunity for gas in India, Government has taken several steps to enhance the availability of gas in the country, including intensification of domestic exploration and production activities, development of shale gas policy framework, import of LNG, exploration in the Mining Lease Area with certain conditions, announcement of new hydrocarbon exploration and licensing policy (HELP), liberalized gas price regime and acquisition of overseas oil and gas assets.
As per the recent report by Ministry of Petroleum and Natural Gas, India’s natural gas output will rise about 60 per cent in four years, sufficient for less than 30 per cent of the local gas demand. The local gas production is expected to rise to 146.87 million metric standard cubic metres per day (mmscmd) in 2018-19. The energy sector is getting the priority of policy makers and especially the conventional hydrocarbons, positive steps are being taken to incentivize
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