Gas pooling is a mechanism through which gas produced from domestic fields is pooled with Liquefied natural gas (LNG) in order to make gas affordable to anchor customers such as power and fertilizer sector. Over the past decade, India’s energy consumption has increased at a rapid rate. This has been primarily due to the growing economy and rising population.
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Gas production from RIL’s KG D6 field catalyzed the power and fertilizer ministries to ensure adequate supply of gas to their sectors on priority basis. The key advantage of gas based power plants is that they are easier to set up and emits no harmful emissions. Thus, even after allocating domestic supplies for gas based power plants, if there is still demand from upcoming plants that could be easily met by importing LNG. However, as LNG contracts are crude linked, the power plants would be able to dispatch electricity only during peak hours. Hence, the viability of using LNG based power plants is highly impacted.
The mixing of low-cost domestic gas with high price LNG will ensure that high price LNG volumes are easily absorbed in the Indian market, thereby utilizing the planned and the existing LNG re-gasification terminals. Gas pooling mechanism could benefit people at large owing to less reliance on fertilizer imports and increased power availability. However, execution of gas pooling mechanism entails huge risks as LNG suppliers could enter into an unattractive commercial contract as high priced re-gasified LNG is easily consumed in the Indian market.
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Some of the key players in the gas business in India are Oil & Natural Gas Corporation Ltd (ONGC), Oil India Limited (OIL) and Reliance Industries Ltd (RIL).
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