x Abu Dhabi, UAEMonday 24 July 2017

India to unveil shale gas policy

India plans to unveil its shale gas policy within the next two weeks as it seeks to exploit unconventional resources to fuel its expanding economy and cut subsidies.

NEW DELHI // India plans to unveil its shale gas policy within the next two weeks as it seeks to exploit unconventional resources to fuel its expanding economy and cut subsidies, the petroleum minister, Veerappa Moily, said yesterday.

The world's fourth-biggest oil consumer wants to quickly tap resources to cut its import bill and cut a widening current account deficit.

"This will be a game changer," Mr Moily said, adding the cabinet would consider the policy within the next two weeks.

A lack of a policy framework and resource estimates have led Indian companies to turn their focus to shale gas assets overseas.

To spur investment, and to make many mature producing fields profitable, India will consider suggestions from a government panel on gas pricing in a few days, he said.