US$60bn gas projects under implementation
India is expected to garner an estimated investment of US$58 billion in Exploration and Production sector by 2023, Petroleum and Natural Gas Minister Dharmendra Pradhan told some 1,200 delegates an international conference in New Delhi on 14 Oct 2019.
A special thrust is being given to promote gas-based economy. Pradhan pointed out that an estimated investment of US$60 billion is lined up in building gas pipelines, terminals, and City Gas infrastructure that are in different stages of implementation.
Speaking at third India Energy Forum by CERAWeek, he said that no single form of energy can meet the country’s growing energy demand given development imperative that aims to ensure energy justice to all.
“Mixing all commercially viable energy sources is the only feasible way forward in our context. India will chart its own course of energy transition in a responsible manner,” said the Minister.
He highlighted several measures taken by the Government to overhaul the hydrocarbon policy framework to revitalize oil and gas ecosystem and establish a conducive business environment.
Growing presence of global oil and gas majors like Saudi Aramco, ADNOC, BP, Shell, Total, Rosneft and ExxonMobil in India is a testimony to the faith and confidence of global investors on promising India’s growth story.
Pradhan said, “We have successfully completed three bid rounds under Open Acreage Licensing Policy and two rounds of bidding under the Discovered Small Fields (DSF) policy.”
The City Gas Distribution network development in India which has been authorized for building and commissioning will cover half of India’s geography and would serve 70% of India’s population through availability of low carbon and affordable natural gas.
The new National Biofuel policy envisages an integrated approach to produce biofuels from various types of agriculture residue and municipal solid waste.
“We have made a target to setup 5000 compressed biogas plants in different parts of the country. These plants are being setup by private entrepreneurs,” he said.
“We are accelerating conversion of Used Cooking Oil (UCO) to biodiesel across 100 cities in India.”
Inaugurating the Conference, Finance Minister Nirmala Sitharaman said that India is becoming an attractive destination for foreign investors.
Highlighting the recent announcements to bring down the Corporate Tax rates, she said that atmosphere to invest is friendlier now. She also talked about the amendments in the Companies act and IBC Code, stating that the focus is now on compliance.
Sitharaman assured that Energy sector is on top of agenda and India is in the cusp of energy transition and assured that the Government will ensure that the commitments made to the investors are honored.
Reiterating the Government’s commitment to COP-21 targets, she said that renewable energy sources are being encouraged and India wants to widen its basket of energy sources.
The theme of third India Energy Forum by CERAWeek Conference is ‘New India’s Energy @75: Balancing Energy Security and Sustainability’.
Some 1,200 delegates from 15 countries and 300 companies are participating in the 3-day conference. fiinews.com
