US$8bn gas infra being implemented

Petroleum and Natural Gas Minister Dharmendra Pradhan has invited the private investors to participate and make the most of the India growth story.

Speaking at the roadshow for Discovered Small Field-II bids in Abu Dhabi on 12 Nov 2018, he said that in the last four years, we have made giant strides in oil and gas sector, however the best is yet to come.

“No country, international organization or company alone can go far without partnership and collaboration,” he said.

Pradhan said that India is presently the 3rd largest energy consumer in the world. Energy consumption in India in the past decade has increased at a compound annual growth rate of more than 5%.

In future too, energy consumption in India is expected to rise by more than 4% annually. Globally, majority of the growth in energy demand is going to come from India.

“Our oil & gas demand is expected to increase nearly 3 fold from 229 Million Metric Tons currently to 607 Million Metric Tons in 2040. He said that there are several bright prospects in upstream oil and gas sector in India,” he said.

The Minister said that India accords high priority to promoting a gas based and clean economy.

“Currently natural gas forms a relatively small share of our energy mix. Gas infrastructure projects of over US$8 billion are under implementation across the country.

“We aim to increase share of natural gas in energy mix from current 6.5% to 15% by 2022.

“Going forward, we intend to create a robust natural gas trading hub. The process to formalise the concept has already been initiated by our Government,” he said. fiinews.com