ID :
132243
Fri, 07/09/2010 - 22:56
Auther :
Shortlink :
https://oananews.org//node/132243
The shortlink copeid
India records highest rise in gas production worldwide
RELIANCE-GAS
New Delhi, July 9 (PTI) India recorded the highest rise
in natural gas output worldwide in 2009 after Reliance
Industries' eastern offshore KG-D6 field came into production,
global energy giant BP Plc said.
Billionaire Mukesh Ambani-run RIL began gas production
from the Krishna-Godavari basin in April, 2009, and its 60
million standard cubic metres per day output led to a 75 per
cent jump in natural gas availability in the country to 140
mmscmd.
"Last year, India had the highest increase in production
of natural gas worldwide. And I just checked, it also had the
highest corresponding increase in consumption in natural gas
worldwide," BP Plc Group Chief Economist Christof Ruhl said.
The jump in natural gas production in India was possible
because the government allowed private sector firms to take a
lead in exploration for hydrocarbons.
"When you look at countries where gas production is
heavily government-controlled, like Russia, they had the
biggest decline in gas production and consumption," he said.
"When you look at countries where new technologies have
been developed like unconventional shale gas in the US... it
was because they have an investment environment which is very
competitive," he said.
Shale gas, trapped in sedimentary rocks, is said to hold
the potential of doubling gas output in US.
Ruhl said that it was very clear who was left behind, as
countries where natural resources were tightly controlled were
less flexible.
Ruhl said the recent Supreme Court ruling in the Ambani
gas dispute will help investment in the sector.
For investors, "rule of law" and "sanctity of contracts"
they sign is important, he said.
The court in May upheld the provisions of the Production
Sharing Contract (PSC) an explorer enters into with the
government for oil and gas prospecting. It said the PSC gives
the government the right to approve a gas price and fix its
users, rejecting Anil Ambani Group firm RNRL's claim for gas
from RIL at subsidised rates.
"That (judgment) has certainly improved stability and
the sanctity of contract," he said. "That was a step into the
right direction." PTI ANZ
MYR
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New Delhi, July 9 (PTI) India recorded the highest rise
in natural gas output worldwide in 2009 after Reliance
Industries' eastern offshore KG-D6 field came into production,
global energy giant BP Plc said.
Billionaire Mukesh Ambani-run RIL began gas production
from the Krishna-Godavari basin in April, 2009, and its 60
million standard cubic metres per day output led to a 75 per
cent jump in natural gas availability in the country to 140
mmscmd.
"Last year, India had the highest increase in production
of natural gas worldwide. And I just checked, it also had the
highest corresponding increase in consumption in natural gas
worldwide," BP Plc Group Chief Economist Christof Ruhl said.
The jump in natural gas production in India was possible
because the government allowed private sector firms to take a
lead in exploration for hydrocarbons.
"When you look at countries where gas production is
heavily government-controlled, like Russia, they had the
biggest decline in gas production and consumption," he said.
"When you look at countries where new technologies have
been developed like unconventional shale gas in the US... it
was because they have an investment environment which is very
competitive," he said.
Shale gas, trapped in sedimentary rocks, is said to hold
the potential of doubling gas output in US.
Ruhl said that it was very clear who was left behind, as
countries where natural resources were tightly controlled were
less flexible.
Ruhl said the recent Supreme Court ruling in the Ambani
gas dispute will help investment in the sector.
For investors, "rule of law" and "sanctity of contracts"
they sign is important, he said.
The court in May upheld the provisions of the Production
Sharing Contract (PSC) an explorer enters into with the
government for oil and gas prospecting. It said the PSC gives
the government the right to approve a gas price and fix its
users, rejecting Anil Ambani Group firm RNRL's claim for gas
from RIL at subsidised rates.
"That (judgment) has certainly improved stability and
the sanctity of contract," he said. "That was a step into the
right direction." PTI ANZ
MYR
The information contained in this electronic message and any attachments to this
message are intended for the exclusive
use of the addressee(s) and may contain proprietary, confidential or privileged
information. If you are not the intended
recipient, you should not disseminate, distribute or copy this e-mail. Please
notify the sender immediately and destroy
all copies of this message and any attachments contained in it.
Delete & Prev | Delete & Next
