Reliance gas find energises markets, but energy security is a long way off

摘要

Reliance Industries Ltd. has energised the energy markets in the country with a dramatic announcement at the compnay's AGM that it (in a consortium with Nikko Resources) had discovered large quantities of natural gas in the Krishna-Godavari basin. The find, estimated at 40 million cubic metres per day (mmscmd), is equivalent to about 13 million tons of oil equivalent, and is, in all probability, the best news that has emerged on the energy front for a long time, ranking in terms of significance only next to the Bombay High discovery more than two decades ago. To put the discovery in perspective, it is relevant to recall that India today produces just about 80 mmscmd of gas and about 32.5 million tons of oil annually.