India to review oil and gas estimates

Jan. 21, 2014 at 7:46 AM   |   0 comments

NEW DELHI, Jan. 21 (UPI) -- The Indian government announced plans to review more than a dozen basins across the country to update its estimated oil and natural gas potential.

M. Veerappa Moily, India's energy minister, set up a multilateral team to reassess the nation's reserve potential. The Hindu, an Indian newspaper, reported the team will spend the next 30 months evaluating the reserve potential in 26 basins across India.

The survey covers an estimated 1.2 million square miles of Indian territory. The newspaper reported Monday the last such exercise was carried out 20 years ago for 15 reserve areas.

The Indian government is looking to secure more oil and gas reserves to help support its expanding economy.

In early January, state-owned Oil and Natural Gas Corp. Ltd. said it expects to produce as much as 353 million cubic feet of natural gas from offshore reserves by 2018.

The U.S. Energy Information Administration said it estimates India had 5.5 billion barrels of proved oil reserves and 43.8 trillion cubic feet of proved natural gas reserves as of 2012.

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