Reply To: Fusion Oil

[Brian H]

And India, which is booming, now has its own shale gas:

Indeed, India may need no gas deals at all with Gulf countries for a long time. Gas from the Krishna-Godavari offshore basin is going to flow in huge quantities in the next few years, making India self-sufficient. New gas deposits are constantly being found offshore.

Besides, India also has massive shale deposits, and should give priority to exploiting these over sinking billions into a highly dubious pipeline through Pakistan. Reliance Industries Ltd has been the first to grasp the new opportunity. It has just bought a 40% stake in the operations of a US company, Atlas Energy, in the Marcellus Shale, a huge deposit extending from New York to West Virginia. Reliance is looking for maybe two more shale gas acquisitions in the US, and Essar Oil will probably follow suit. The ONGC, as always, is slow off the mark, but will lumber into this game soon.

Between NG now and FF later, the Gulf states and the Peak Oilers are going to be feeling very betrayed by Ms. Reality Bites. 😆 :coolgrin:

It should be noted that it hardly matters where in the globe the gas is found; any new gas displaces purchases that would have been made, which means those supplies have to go looking for cut-rate buyers elsewhere. In other words, hydrocarbon energy is fungible. Which many Greenies don’t get, and hate it when they do get it. It means that attempts to price-squeeze the world into energy submission are doomed.