Exploration policy on shale gas soon: Moily

Exploration policy on shale gas soon: Moily

We will initiate measures to reduce crude oil import

Exploration policy on shale gas soon: Moily

 A roadmap is being prepared to reduce India’s import of crude oil by 2016-17, said Union Minister of Petroleum and Natural Gas M Veerappa Moily.

Speaking after accepting felicitation, at a programme organised by Kanara Chamber of Commerce and Industry (KCCI) here on Friday, he said, “We are now coming out with an exploration policy on shale gas and oil. The US and Australia has explored this sector in a big way. Shale gas and oil is available in plenty in India and with this we can cut down imports," he said.

He said that a comprehensive holistic road map in making country self-sufficient in producing oil and gas is being prepared and added that refinery capacity in the country needs to be increased.

“Talks are being held to increase LPG subsidy cap to nine cylinders. However, we have not yet received green signal from the finance ministry with regard to subsidy. Hence, the decision is yet to be taken. It shall be taken soon, as this should not cause hindrance to mid-day meal scheme and working of charitable institutions,” he said.

Liquefied Natural Gas pipeline laying work from Kochi and Bangalore to Mangalore is in process. Steps are taken to accelerate the process, as Karnataka is the only state which lacks LNG terminal, he said.

Moily claimed that he can create employment opportunities for everyone in DK and Udupi districts in a matter of two years, provided the people cooperate.

Speaking on Foreign Direct Investment (FDI) in retail market, Moily regretted that people have misconceptions. With introduction of FDI, there will be massive development and people can see growth in industrial, agriculture and trade sectors.

“Nothing is impossible in this country. We have plenty of opportunities. All people need to do is to overcome prejudices,” stressed Moily.

He said that air cargo complex in Mangalore International Airport will be completed soon. It will be inaugurated by mid January, he said.


Kanara Chamber of Commerce and Industry President Mohammed Ameen submitted a memorandum to Union Minister of Petroleum and Natural Gas M Veerappa Moily asking for duty free bunkers for coastal shipping, intra trade between oil marketing companies, gasifying coal, cracking light naptha for overcoming LPG shortage, LNG for Karnataka through NMPT coastal waters, promotion of hydro carbon study from coastal Karnataka region, fixation of refinery point rates for petroleum products of MRPL, geo technical and hydro geological surveys.

The memorandum also asked the Union Minister to look into the bottlenecks pertaining to MSEZ, such as Development of Pipeline Corridor, Obtaining Right Way towards development of water infrastructure with permission from NH, relief from minimum alternate tax, securing multi product status for MSEZ under phase II and setting up of MSEZ second phase.

Earlier, the minister had visited MRPL and met senior officials. Moily on his maiden visit to MRPL reviewed performance of MRPL and OMPL operations. Moily applauded performance as MRPL that was set up during his tenure as CM and that it gives him immense satisfaction to see it today as a 15 MMT state-of-the -art refinery, serving the nation.