After suffering outside criticism over inflated gas reserve estimates for the KG-D6 fields operated by Reliance Industries Ltd. offshore India, the country’s Petroleum and Natural Gas Ministry is now being extra-cautious over the approval of a declaration of commerciality for new discoveries put forward by the company.
With major offshore reserves, Israel could meet its own energy demands and even export LNG. However, political challenges in the region with Lebanon and Gaza remain.
After slippage in production targets in the country’s previous plan, India’s Planning Commission has set an agenda to reform India’s oil and gas sector, including the upstream, in its 12th five-year economic development plan (2012-17).