India May Allow Private Players to Explore Shale Gas

India may soon allow private players to explore for shale gas and oil from their existing acreages.

On Tuesday, India’s Cabinet Committee on Economic Affairs (CCEA) approved the proposal of the Ministry of Petroleum and Natural Gas on the policy on exploration and exploitation of shale gas and oil by National Oil Companies (NOCs), namely ONGC and Oil India Limited, on acreages they already own. 

"The cabinet has approved shale gas exploration policy for national oil companies, Oil India and ONGC. Soon, the same will be extended to other companies including private energy players," Economic Times quoted oil minister Moily as saying.

Moily said that initial he was in favour of an integrated shale gas policy for all players, but there were some issues to be resolved. “We decided to move ahead with ONGC and OIL. At least one step forward is better than waiting," Moily said, Economic Times reported.

Sign-up for our free weekly newsletter update via email here