India discovers huge oil, gas reserves

April 12, 2009 7:48 am 

NEW DELHI, April 11 — Four new regions of north Indian state Haryana have been found to be abundant in gas and oil reserves, the Press Trust of India (PTI) quoted the local Hindi daily as reporting on Friday.

Sedimentary studies in the area have revealed that 15 billion metric tones of gas reserves are likely to be present in the area.

The government is now inviting Indian and foreign firms to hunt for gas reserves in Ambala, Yamunanagar, Kurukshetra and Panchkula, said the report.

The firms will be allowed to explore a 1,930 square-kilometer area for oil and gas exploration. The areas to be explored fall under the Himalayan foreland.

The Government expects to find good results on digging the area. V.K. Sibal, director general, Directorate General of Hydrocarbons, told the paper that the department has been studying the area for the last 10 years. It looks like Haryana has the potential to become a major hub for oil exploration in the country.

The tenders for exploration by new firms will be floated under the ongoing New Exploration and Licensing Policy, said the report. (PNA/BERNAMA)

LGI/fom

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