Tag: Reliance

Energy use in non-OECD Asia, led by China and India, is growing faster than anywhere else in the world – it will more than double between 1990 and 2035,  according to a report by the US Energy Information Administration published in April.

But how will India deal with escalating demand? A separate report by Bernstein Research, a US asset management company, suggests it will struggle to do so, as price-capping measures stifle private investment in natural gas.

India’s imports of natural gas are set to grow by 139 per cent in the next five years from 1.4m cubic metres per hour in 2010 to 3.4m cubic metres per hour by 2015, according to J P Morgan. The bank says Indian production will grow by 90 per cent over the same period, leaving the country with a natural gas shortage.

In one of the biggest foreign direct investments to date in India, BP is to pay $7.2bn to Reliance Industries in a deal that will give it a 30 per cent stake in 23 oil and gas blocks.

The blocks together cover approximately 270,000 sq km, the companies said in a statement on Monday, making the partnership “India’s largest private sector holder of exploration acreage”. BP and Reliance will also form a 50:50 joint venture for the sourcing and marketing of gas.

While China declares itself as a world leader in wind energy, India is also trying to make its claim in the global renewable energy sector, and it is one step closer with the announcement that it plans to build Asia’s first commercial tidal power plant.

The state government of Gujarat has signed preliminary agreement with Britain’s Atlantis Resources corporation to build a 250 MW tidal power plant in the Gulf of Kutch along the country’s western coast.

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