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India, US may sign shale gas pact: Sources
India is likely to sign a shale gas pact, reports CNBC-TV18 quoting government sources. The pact is expected to boast Indian companies’ investment in the US shale gas fields, is likely to be signed when US President Barack Obama visits India.
Shale gas has become a hot favourite among most of the oil and gas companies. Going by it, India is likely to sign a shale gas pact, reports CNBC-TV18's Nayantara Rai quoting government sources.
The pact, expected to boast Indian companies' investment in the US shale gas fields, is likely to be signed when US President Barack Obama visits India.
It is learnt that the draft of the memorandum of understanding (MoU) had been send to the US in August itself and feedback is expected shortly. The MoU is expected to boost co-operation between private sector companies.
Sources add that India wants US' help for resource assessment and training in shale gas exploration. US assistance is likely to help India to carve out shale fields in future. It is also learnt that once the pact is signed between the two countries, US companies may share technology for shale gas development.
RIL has three shale gas joint ventures in the US while ONGC and Oil India are looking at shale gas assests overseas.
