August 1, 2018 / 12:38 PM / 4 months ago

India cabinet approves uniform licensing policy for oil, gas exploration

NEW DELHI, Aug 1 (Reuters) - India cabinet on Wednesday allowed oil and gas producers to explore for shale oil and gas and coal bed methane under the existing contracts, a move aimed at unlocking the unconventional hydrocarbon potential of the world’s third-biggest oil importer.

The policy would help reduce India’s dependence on imported oil and save foreign exchange, India’s interim finance minister Piyush Goyal said at a press conference. (Reporting by Nidhi Verma, Editing by Sherry Jacob-Phillips)

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