Key Points
Amid a global lookout for natural gas supplies, state-run energy majors ONGC and GAIL are exploring the possibility of setting up strategic gas reserves in the country, said two people in the know..
The two options available are old oil wells and salt caverns, and whenever reserves are set up, old wells would hold most of the gas, they said..
The gas reserves are likely to be set up in the western coast of the country, the person said, adding that a team from India visited Europe to understand the technical knowhow and its application in Indian conditions. ..
India already has strategic petroleum reserves and ISPRL, a wholly-owned subsidiary of the Oil Industry Development Board (OIDB) under the ministry of petroleum & natural gas, manages 5.33 million metric tonnes (MMT) of strategic crude oil storages in three locations in Vishakhapatnam, Mangalore and Padur..
The Vishakhapatnam facility with 1.33 MMT capacity was commissioned in June 2015, while Mangalore (1.5 MMT) and Padur (2.5 MMT) were commissioned in October 2016, and December 2018. . Further, ISPRL is preparing to lease out one of the 0.75 million tonnes-capacity storage caverns it operates in Mangalore, said the second person mentioned above, adding that foreign players are interested...
