Why Is Everyone Talking About Gas? ; with Crude Prices Hovering Around $60 a Barrel, It May Be Time to Turn to Natural Gas and Make It the Centrepiece of the Country's Energy Strategy.

Summary

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Many Indians may well be tempted to argue, as The Economist did in a recent article: "Why worry about high oil prices when a boom in natural gas may be on its way?''

It is rather difficult not to get carried away by recent reports on the huge gas finds in the country. Barely had the din over the discovery of 14 trillion cubic feet (TCF) of gas by the Reliance- Niko consortium in the Krishna-Godavari (KG) Basin subsided, came the news that the state government-owned Gujarat State Petroleum Corporation (GSPC) had discovered 20 TCF of gas in the same basin. Oil and Natural Gas Corporation (ONGC), which discovered the Bombay High fields in 1974 and Vasai in March 2003, has also reported oil and gas discoveries in onshore fields in Assam, Tripura as well as the kg Basin.

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Extract

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Why Is Everyone Talking About Gas? ; with Crude Prices Hovering Around $60 a Barrel, It May Be Time to Turn to Natural Gas and Make It the Centrepiece of the Country's Energy Strategy.

Cairn Energy and Niko Resources have also struck gas in the kg Basin and Surat, respectively. Suddenly, gas seems to be the flavour of the times in India. Says a Mumbai-based analyst with an investment bank: "It seems that kg Basin is India's Gulf of Mexico i...

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