Pradhan updates: Oil majors expanding footprint in the Indian market
Indian companies are looking to source more crude oil and LNG from the US at competitive rates, anticipating domestic energy demand to recover and reach post-COVID-19 level soon.
Giving this update to the American suppliers, Petroleum and Natural Gas Minister Dharmendra Pradhan said that India-US hydrocarbon trade is expected to exceed the US$9 billion recorded in 2019-20.
Oil & gas majors like BP, Shell, Total and Exxon Mobil are expanding their footprints in India, where a US$60 billion worth of gas-based projects are being implemented under the “One Nation, One Gas Grid”, he pointed out.
The mega investment is driven by India’s target to raise the share of natural gas in the energy mix to 15% by 2030 from the current 6%.
Pradhan, who is also Steel Minister, has invited US companies to take advantage of reforms in the exploration and production sector and participate in the next oil and gas block bidding rounds.
It is reassuring that despite the COVID-19 induced challenges, the industry leaders are quite optimistic about reinvigorating the energy linkages between the two countries.
The Minister addressed the USISPF’s 3rd Annual Leadership Summit on the theme of “Navigating New Challenges” on 2 Sept 2020.
USISPF CEO Dr. Mukesh Aghi assured that his organization will facilitate greater collaborations between the US and Indian companies for the success of Aatmanirbhar Bharat or self-reliant initiative. #crudeoil #naturalgas #energy #imports #exports #investment #market /fiinews.com
