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All that gas about coal
At any given time when Coalgate is attracting all the attention, another demonstration of bungling in natural resource management has gone relatively unnoticed India efforts at commercial exploitation of coal-bed methane (CBM).
Commercial exploitation of CBM began in 1995 when one block was awarded to some foreign operator. By 2001, the nation started auctioning CBM assets, equipped with a more sophisticated policy. When compared to oil and gas sector, the CBM policy is comparatively more investor-friendly, both in fiscal terms as well as contractual obligations. Having a total of 33 blocks distributed so far,[link widoczny dla zalogowanych], the policy has been successful in attracting substantial investments in CBM exploration. Investors interest was most pronounced within the third round of bidding (2006), when 54 bids were received for 10 blocks.
Yet,[link widoczny dla zalogowanych], as in 2012-13,[link widoczny dla zalogowanych], the nation total methane production stands at approximately 0.32 million standard cubic m a day (mmscmd), enough to create approximately 80 MW of power,[link widoczny dla zalogowanych], meeting the energy needs of a mere 40,000 urban middle-class households having one air conditioner each.
To place it straight, India aspirations to establish CBM as a viable power source remain more in the arena of an idea than a reality.
ONGC failureAnd, unless there's a dramatic discovery of reserves, which doesn't appear very likely, there is little change chance that CBM production would get to the promised 7.4 mmscmd each day in 2013-14, as was estimated by the Directorate General of Hydrocarbons (DGH) two years ago.
Nearly 90 per cent of this minuscule commercial methane production originates from one company, Great Eastern Energy Corporation, then Essar Oil and ONGC.
The State-owned exploration and production (E major which bagged more than half from the 17 blocks awarded till 2004 is usually credited with enhancing CBM potential in the country, and criticised for failing to live up to expectations.
Based on the latest estimates,[link widoczny dla zalogowanych], ONGC spent Rs 600 crore on its pruned asset portfolio of four blocks for net revenue of Rs 3 crore from one producing well. The failure from the company also makes a person doubtful if India has as much CBM reserves out of the box often claimed by the Government.
The company didn't establish viable reserves in five blocks, bagged in the second round (2003), which were eventually relinquished.
Interestingly, while the regulator announces a huge prognostic reserve of 4.6 trillion cubic m of methane gas in the country vast coal fields, insiders in the CBM exploration sector allege a serious mismatch between such estimates and the reality.
Overestimation While the DGH Web site shows that only three blocks have been relinquished till May 2010, unofficial estimates explain that operators of at least one-third from the CBM blocks (out of 33) have either relinquished their interests, or have approached the regulator to relinquish interests,[link widoczny dla zalogowanych], till date.
Insiders say operators in seven from eight blocks awarded within the second round of bidding and four from 10 blocks within the much-hyped third round (2006) have reportedly failed to establish viable reserves and preferred to forgo assets, after completing phase-1 of the work programme.
The general observation is the fact that India CBM potential is basically limited to eight blocks,[link widoczny dla zalogowanych], three which were awarded on nomination basis, and also the rest in the first round of bidding. Inside a recent energy conference in Kolkata,[link widoczny dla zalogowanych], the main executive of the foreign player,[link widoczny dla zalogowanych], Dart Energy, claimed the actual gas-in-place in CBM assets in India falls way below DGH estimates, in blocks auctioned in the second round onwards. The commercial reserves are naturally even lower.
Based on the presentation,[link widoczny dla zalogowanych], while DGH claims presence of a total of 1,[link widoczny dla zalogowanych],790 billion cubic metres (BCM) of gas,[link widoczny dla zalogowanych], actual in-place reserve is about 992 BCM. The actual reserve ratios, he claims,[link widoczny dla zalogowanych], are as little as 30 per cent of DGH estimates,[link widoczny dla zalogowanych], in the 10 blocks awarded in the third bidding round, which has witnessed maximum investor interest so far.
The company, in the earlier avatar as Arrow Energy, relinquished three blocks, awarded in the third round. Of the, one block in Chhattisgarh was found to have only 6 BCM gas or 5 per cent of the DGH estimation of 118 BCM.
Disturbing signalsLeaving aside claims on reserves,[link widoczny dla zalogowanych], which have an immediate bearing on the prospect of striking gas, one can discern a drop in investors interest in the last (fourth) round of bidding opened in 2009.
As against 54 bids received within the third round, the fourth round attracted just half, or 27 bids. Also noteworthy may be the exit of a major player in the global energy sector, which failed in its CBM foray in India. Industry insiders blame the possible lack of quality assets vis-a-vis over-hyping of CBM potential, like a major spoiler of the business environment.
Numerous assets were awarded against offers to share up to 65 percent of the production using the Government.
It is alleged that such high-payment obligations do not compensate our prime risks involved in CBM development. Nevertheless, the bidders were seemingly taken in through the regulator projection of reserves. Such a high resolve for production-sharing is recognized as risky in the E sector.
While the Government seems keen to invite competition and pave the way for maximum revenue generation, overexploitation may harm the long-term strategy to establish CBM like a cheap and viable means to fix the country growing energy needs.相关的主题文章：

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