According to this article, methane gas hydrates has the potential to replace oil as a major energy source. Apparently, these are basically solid blocks of ice stuffed with methane gas molecules, basically natural gas. They are found all across the globe and are very abundant.
From India's point of view, this is a very crucial piece in the energy security puzzle. And India supposedly has a high amount of hydrates off it's shore. Quoting from the article,
All that sounds promising, but we need to remember that this is yet another fossil fuel and usage will produce greenhouse gases, although much lesser than coal or oil. So although this might turn out to be a very crucial fuel source in the years to come, but the search for the mystical clean energy source will still continue.
Malcolm Lall, coordinator of the Indian National Hydrate Program, says hydrate resources off the Indian coast are too large to ignore. Hydrate potential there “is sufficient for the energy needs of India for the next 15 years,” he says. “We’re taking this very seriously.” More energy independence is a huge incentive, he says, and India hopes to do production tests as early as 2013. “The government has given this a lot of priority … [to] get hydrates commercially viable,” he says. “Let’s see who gets it first.” [Link]