India holds 100 Tcf of gas reserves, sufficient to fulfill half of need until 2050: BP chief Bob Dudley
Also, the business is expanding the venture into gas imports which will entail scaling up RIL’s existing network of 1,400 petrol pumps to 5,500 from 2023. These pumps, apart from retailing petrol and gas, would also have electrical vehicle charging facility, ” he said.
‘India has a great opportunity with gas too, the ideal partner for renewables, which are intermittent by character,’ he said at the India Energy Forum of CERAWeek here.’ I believe that there is near 100 Tcf of natural gas resources yet to be located below ground here in India.
In itself may fulfill half of the natural gas requirement out to 2050.’ But exploitation of gas reserves will rely a great deal on the way the economics operates outside as developing the resources in the deepsea does not come cheap, ” he said emphasising on economical pricing of natural gas. ‘It’s going to have a great deal of exploration and will require economics to be appropriate. It’s pricey deeper offshore, but after you receive the networks and the pipelines set up, India is going to require each fuel it may access,’ he explained. ‘You need to do whatever you can do to replace coal with fresh all-natural gas, and that is going to reduce emissions.
And you can use India’s gasoline rather than getting expensive LNG (from abroad).’ India, he explained, has the perfect policy framework of providing a greater cap cost for natural gas generated from hard areas like deepsea. ‘We’ve USD 5 billion worth of projects coming onstream next May, and we’d love to be able to sell gas in an open marketplace to our customers in addition to our own businesses… if this happens there will be development,’ he explained.
The government computes a cap cost based on alternative fuels for gasoline from difficult locations, which for its October 2019 to March 2020 period is USD 8.43 a million British thermal unit, over double USD 3.23 per mmBtu speed for additional national gas. He said the USD 4 per mmBtu price of imported liquefied natural gas (LNG) at’no way converts to the cost’ of the fuel.
It’s a’distress cost,’ he explained as he sought to discourage using rate prevalent in spot or current LNG market to cost domestically produced natural gas.” ‘India also offers the appropriate resources above and below ground. It’s relationships rather than increase those sources. And it has a responsible policy in place to enable those connections to run effectively and efficiently.’ Dudley stated his optimism also comes from the job BP is performing with its partner Reliance Industries.
The partners have recently acquired yet another block, along with the existing advantage is rearing to Generate more’ I’m rather optimistic concerning the joint venture we’re forming with Reliance on the (gas ) retail sector. We will bring all kinds of new things, electrification, freedom, bringing advantage marketing along with Reliance has 1400 stations today and hitting 5,500 stations across India. There’ll be great growth rates regarding petrol in India.’ Dudley, who retires early next year,” said India’has only experienced its fastest pace of energy consumption for over a couple of years.