India’s cabinet approved on Wednesday a policy to allow companies to explore and exploit unconventional oil and gas resources such as shale oil and gas and coalbed methane under the existing production sharing contracts, as it aims to reduce its dependency on energy imports. The uniform oil and gas exploration policy will encourage the current contractors in the licensed and/or leased areas to unlock the potential of unconventional hydrocarbons in the existing acreages, the government said in a statement today. The policy is expected to bring in new investment in exploration and production (E&P) and raise the chances for new oil and gas discoveries that could potentially increase India’s domestic production. Unconventional oil and gas exploration under existing production sharing contracts (PSCs) “will provide a major boost towards ensuring energy security for India,” India’s Petroleum Minister Dharmendra Pradhan said on Twitter. The new policy is a complete shift from […]