Experts from India and the US discussed upon various avenues of energy cooperation between the two countries, with a primary focus on the oil and natural gas sector.
In the recently concluded 'Offshore Technology Conference' here, deliberations were held upon various key points relating to the exploration of hydrocarbons.
Consul General P Harish, who was part of the Indian panel that took part in the industry briefing on 'Oil and Gas Opportunities in India', termed the existing phase as a "big moment" in the India-US energy partnership.
"When India and the US signed the bilateral civil nuclear cooperation agreement a couple of years ago, it marked a strategic shift in our cooperation and was intended to ensure energy security in tune with our growing economy," he noted.
"The shale gas revolution here has provided another significant element to our energy cooperation through LNG exports where natural gas from US could be piped into our industries, power stations and households.
"This makes it the best embodiment of our cooperation and one that is possible in a shorter time frame of 3-4 years and well understood by the common citizen who uses and needs natural gas for household purposes," Harish said.
India's regassification capacity is likely to double in ten years' time as according to estimates, the country is set to become the biggest LNG markets in the next ten years, the Consul General said, noting that the period could well be transformational for the LPG industry.
The other panel members who took part in the briefing during the May 6-9 event included Senior Director and Head (Energy) at FICCI Vivek Pandit, acting Deputy Under Secretary for ITA, US Department of Commerce Ken Hyatt and OIL India Limited CMD S K Srivastava.
Harish said as a major consumer, India will hope that the entry of US into the global natural gas market would propel a pricing shift of LNG from opportunity cost basis to long term marginal cost basis.
