Dharmendra Pradhan: GEECL planning huge investment for shale gas production in India
Taking this process forward is Union Petroleum Minister Dharmendra Pradhan, who met Y K Modi, Executive Chairman, and Prashant Modi, MD & CEO, Great Eastern Energy Corporation Limited (GEECL).
The consumption of petroleum and gas products in India is rising, but almost half of the country's natural gas has to be imported. To find domestic alternatives, the Modi government is planning to speed up the search for shale gas and oil reserves in the country. Various companies have been asked to submit plans regarding this.
Taking this process forward is Union Petroleum Minister Dharmendra Pradhan, who met Y K Modi, Executive Chairman, and Prashant Modi, MD & CEO, Great Eastern Energy Corporation Limited (GEECL). The minister said, ''Happy to learn that GEECL is planning huge investment for Shale gas production in India. We also discussed ways to increase the production of Coal Bed Methane.''
According to Dharmendra Pradhan, GEECL is going to invest heavily in shale gas production. Apart from this, there are also plans to increase the production of coal bed methane soon.
India is a gas deficient country and about half of the annual gas consumption is imported. Prime Minister Narendra Modi wants the country to have a gas-based economy and the share of gas in the country's energy consumption is set to be increased from the present 6.5 per cent to 15 per cent by 2030.
Minister Pradhan says that in the next few years, $118 billion investment is going to be made in the field of natural gas infrastructural facilities along with oil, gas exploration and production. Out of this investment, there will be an investment of $58 billion by 2023 in oil and gas exploration and production. At the same time, there will be an investment of $60 billion by 2024 in natural gas infrastructure facilities like pipelines, import terminals and gas distribution networks in the city.
The change in levels of energy in the country is as per the global trend and India is the sixth-largest economy in the world today. Meanwhile, America is the third-largest consumer country after China and India will be the leading country in terms of global energy demand in the coming decades said Pradhan.