Union petroleum minister M Veerappa Moily today dedicated the country's first exploratory shale gas well (Jambusar#55) of Oil and Natural Gas Corporation (ONGC) at Jambusar in Cambay Basin.
Moily maintained that with beginning of the shale gas exploration in the country, India can look forward to reduction in oil imports.
"We have carved out a roadmap, that in 2020, 50 per cent of our (oil) imports should be reduced, and by 2025, 75 per cent of our imports should be reduced and by the year 2030 we should become energy independent," Moily said during his address at the rig no. E 1400-VII.
"This step can bring real freedom to the people of the country. Mahatma Gandhi's land can bring real economic freedom to the people of this country," he said.
Moily further expressed confidence that India has potential to become the third country to become net exporter of oils after US and Canada.
"Shale gas, CMB, these are all unconventional gas. This comes with the latest technology. The US, which was struggling for oils, and its appetite for oil has several times driven them to gulf war too. But now in six years they have become net exporter from net importer of oil," said Moily.
"Same thing happened in Canada. May be our country, India too will be the third country to lead in this technological war," he added.
On diesel price deregulation Moily said that there will be no single stroke price rise in diesel prices and the government will increase diesel prices in a phased manner every month by 40-50 paise.
"Diesel deregulation is fully on track. But we have no plan to do increase diesel prices in single stroke. There will be increase in diesel prices by 40-50 paise every month," said the minister.
When asked about the under recoveries of the oil public sector units, Moily maintained that several measures are being taken to bring down the under recoveries and diesel decontrol is a part of it. Notably, last week Moily had stated that the diesel sector will be deregulated in six months to bring down the under recoveries on sale of diesel.
The government had in January this year allowed oil marketing comapnies (OMCs) to increase diesel prices by up to 50 paise per litre every month.
