India Seeks to Build Strategic Reserves by Storing Gas in Depleted Wells - GAIL Exec
11.24.2023 By Tank Terminals - NEWS

November 24, 2023 [Reuters]- India is looking at building its first strategic natural gas reserves by using old, depleted hydrocarbon wells to store the fuel and hedge against global supply disruption, a senior executive of natural gas company GAIL (India) Ltd (GAIL.NS) said on Friday.

 

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 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% by 2030 from about 6.2% now. The nation consumes around 60 bcm gas annually.

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

PetroVietnam Gas to Launch LNG Trucking Business
03.04.2024 - NEWS
March 4, 2024 [LNG Prime]- PetroVietnam Gas, a unit of state-owned PetroVietnam, will this month ... Read More
Three Firms Join Forces on $3.3 Billion LNG-to-Power Project in Philippines
03.04.2024 - NEWS
March 4, 2024 [LNG Prime]- Power companies Meralco PowerGen, Aboitiz Power, and San Miguel Global... Read More
OPEC+ Members Extend Oil Output Cuts to Second Quarter
03.04.2024 - NEWS
March 4, 2024 [Reuters]- OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend ... Read More
Russia Says to Deepen Oil Output Cuts While Easing Export Limits
03.04.2024 - NEWS
March 4, 2024 [Reuters]- Russia will cut its oil output and exports by an additional 471,000 barr... Read More