Union Oil Minister Marpadi Veerappa Moily has said that India has become an attractive investment destination for gas exploration because it has decided to raise gas prices from April, which will also contain the spurt in gas demand. Investors had been shying away from investing in India because of low prices of domestic gas. But now the government has decided to raise the price of gas from next financial year, which would make India an attractive destination for investment in the sector, the Minister said.
While delivering his keynote addreess at the LNG producer-consumer conference in Tokyo recently, Moily said that India has large proven reserves of gas that remain unexploited. While the total proven reserves are 1.3 trillion cubic metre, what is currently exploited is only 0.04 tcm.
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