Syllabus listing: Economy
Why in News?
Reliance Industries Ltd and BP (British Petroleum) have announced the start of gas production from the R cluster, the deepest off-shore gas field in Asia.
About R cluster:
• The R cluster is an off-shore gas field which is a part of the KG-D6 block of the Krishna Godavari Basin.
• The other 2 deep-water gas projects in the block are Satellite Cluster and the MJ gas field.
• The R cluster is the deepest off-shore gas field in Asia and is expected to have a peak production of 12.9 MMSCMSD which is 10% of India’s natural gas output at present.
Why it is important?
• The R cluster, along with the Satellite Cluster and MJ gas fields in the Krishna Godavari Basin are expected to produce around 30 MMSCMD (Million standard cubic metres per day) of natural gas or about 15% of India’s projected demand for natural gas by 2023.
• The R cluster field alone is expected to have a peak production of 12.9 MMSCMSD or about 10% of India’s current natural gas output.
• In FY20, demand for natural gas in India was around 153 MMSCMD around half of which is met through imports
Do they impact India’s energy security efforts?
• All the three projects are being planned to boost the domestic production of natural gas.
• This will increase the share of natural gas in the energy basket of India from 6.2% now to 15% in 2030.
• This will decrease India’s dependence on imports and improve energy security.
Source: Indian Express