India Scouting for Shale Gas Assets

India will acquire proven assets of shale gas overseas and raise domestic production to meet its growing energy needs, Petroleum and Natural Gas Minister Jaipal Reddy has said, IANS news agency reported.

"Shale gas is already acknowledged as a game changer in North America. We, in India, are pursuing a two-pronged approach with regard to shale gas - to acquire shale gas assets abroad and to explore and produce domestically," Reddy told a ministerial roundtable on fossil fuels at the World Energy Forum in Dubai.

He said India has formulated a draft policy on shale gas exploration and has invited comments from stakeholders. "We will soon come up with sustainable policy guidelines which are in conformity with the environment protection laws."

In India, the demand would grow by 3.2 percent annually from now till 2030. Increased access to shale gas is expected to bring down prices and help cut the import bill and widening budget deficit.