By IANS,
New Delhi : By the end of next financial year India will have a national policy on exploration of shale gas, an unconventional natural gas resource trapped in sedimentary rocks, that would substantially reduce the countrys dependence on imports, Petroleum Minister S. Jaipal Reddy said Tuesday.
“Shale gas policy is proposed to be announced tentatively by March 31, 2013,” Reddy said in a written reply in the Rajya Sabha, adding the government has already started formulating the policy.
Reddy said the government has started consultation process with concerned ministries and departments to formulate the policy.
“The announcement of shale gas policy will depend on completion of the consultation process with all the concerned authorities, including environmental safeguards required to be put in place under the regulatory regime for shale gas exploration and production,” he said.
To explore the potential of shale gas availability in the country, India signed a memorandum of understanding with the US in November 2010.
As per the deal, US Geological Survey carried out shale gas resource assessment in three Indian basins – Krishna Godavari, Cauvery and Cambay – in January this year.
Shale gas is emerging as an important source of energy in the US and is estimated to account for much as half the natural gas production in North America by 2020.
The minister said Directorate General of Hydrocarbons has assigned Ranchi-based Central Mine Planning and Design Institute Limited with the task of identification of areas and assessment of shale gas potential in Damodar and Sohagpur sedimentary basins.