India Eyes Gas Storage In Depleted Wells For Strategic Reserves
In order to stockpile fuel and protect itself against disruptions in the global supply chain, India is considering developing its first strategic natural gas reserves by utilizing existing depleted hydrocarbon wells, a top executive of natural gas giant GAIL (India) Ltd said on Friday, according to Reuters.
The strategic facilities would be built in phases in India's western and northeastern regions, with an initial capacity to store three to four billion cubic meters (bcm) of gas, Sumit Kishore, an executive director at GAIL, told reporters at an industry event.
India currently has five million tonnes of strategic petroleum reserves but no storage facilities for natural gas. Indian companies together currently hold two bcm of gas in pipelines and liquefied natural gas tanks for commercial use.
Kishore said the first strategic gas storage facility would take three to four years to build after government approval.
India aims to raise the share of natural gas in its energy mix to 15 per cent by 2030 from about 6.2 per cent now. The nation consumes around 60 bcm of gas annually.
