India-US may ink shale gas tech pact during Obama's visit

Mumbai, Oct 18 (PTI) India is likely to sign an accord
with the US for shale gas technology cooperation during
President Barack Obama's visit next month.
"We are trying for some cooperation agreement to be
signed during the visit of president Obama," India's Oil
Minister Murli Deora said here Monday.
India does not have technology to exploit shale gas, an
unconventional gas trapped in sedimentary rocks and the US is
a pioneer in the field.
India's Oil Secretary S Sundareshan said the policy
framework for shale gas is being formulated and the first
round of auction will be before the end of 2011.
India intends to see a boom in shale-gas exploration
that has fuelled more than USD 39 billion acquisitions in the
US by companies, including Reliance Industries.
Since production of shale gas is difficult, a new fiscal
regime would be needed and exploration laws changed to allow
such production, he said, adding current exploration licences
for oil and gas don't include unconventional sources.