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The two sides agreed to enhance institutional and technical cooperation in specific areas:

·         Assessment and reassessment of conventional and unconventional hydrocarbon reserves in India, both in onshore and offshore;

·         New technologies in development of biofuel(2nd generation ethanol and bio-diesel);

·         Development of petroleum storage

 

The bilateral energy cooperation between the two countries had started in the form of energy dialogue in 2005 under which oil and gas is also discussed. Over the last decade, several areas of interest for cooperation like technology for production from marginal fields, shale structures, developing gas pipeline network, improving refinery efficiency etc.had been identified. During the meeting yesterday, the two Ministers agreed that there is a need for regular meetings of officials and experts from both sides for progress in cooperation in concrete areas.

 

It may be noted that GAIL has contracted for import of LNG from the US to the tune of 5.8 MMT per year from end 2017. Indian companies have also invested in shale oil and gas projects in the US, i.e. GAIL has 20% equity in Eagle Ford basin; IOC and OIL have 10% equity in Niobrara basin).

 

On the margins, Pradhan also received US Special Envoy & Coordinator for International Energy Affairs Amos Hochstein. He also addressed a gathering of business leaders, energy experts and senior US Government officials organised by Daniel Yergin, Vice President of IHS.