India seeks to build its first strategic natural gas reserves by using depleted hydrocarbon wells

India is looking to establish its first strategic natural gas reserves by using old, depleted hydrocarbon wells for the storage of fuel with an aim to create a buffer against potential disruptions in global gas supplies.Despite possessing five million tonnes of strategic petroleum reserves, India currently lacks dedicated storage facilities for natural gas. Presently, Indian companies collectively store two billion cubic meters (bcm) of gas in pipelines and liquefied natural gas tanks for commercial purposes.Addressing the media at an industry event, Sumit Kishore, an executive director at GAIL said that the strategic facilities would be built in phases in India's western and northeastern regions with an initial capacity to store three to four billion cubic meters (bcm) of gas.Kishore said the first strategic gas storage facility would take three to four years to build after government approval. India aims to raise the share of natural gas in its energy mix to 15% by 2030 from about 6.2% now. The nation consumes around 60 bcm gas annually.With inputs from Reuters.