Sorry for the very late posting, work has been extra busy with the coming holidays. I am working on 2-3 articles, but for now here is an interesting development via AsiaTimes’s “The foundations for an Asian oil and gas grid“:
Stung by the rising international price of oil and domestic shortages coupled with high requirements of a growing economy, India has revived a plan for an oil and gas grid for the Asian continent.
The grid is part of a two-fold strategy by the two top Asian oil guzzlers, China and India, to ensure reliable delivery networks and energy security. The other element involves acquiring stakes in production and exploration projects for which New Delhi and Beijing continue to cooperate as well as compete.
The emphasis on the grid comes in wake of reports that India and China, the most aggressive shoppers for oil and gas assets in the world, are coming together to put in a joint bid. The China National Petroleum Corporation (CNPC) and the Oil & Natural Gas Corporation (ONGC), two of the most high-profile emerging global oil companies in the past year, could jointly bid for Petro-Canada’s $1-billion oil and gas fields in Syria. Both India and China feel the strategic need to diversify their energy sources from the current dependence on West Asia.
It will take years before this project turns into fruition if it ever gets there, but such a bold statement alone is a testament of new realities that the Bush Administration nor any political leader in the U.S. have began to address.