Modi updates energy leaders on Indian projects
Prime Minister Narendra Modi interacted with the CEOs and experts of the global oil and gas sector earlier on 20 Oct 2021 via video conferencing, inviting them to participate in energy sector, saying India is a land of openness, optimism and opportunities and is brimming with new ideas, perspectives and innovation.
He updated on the need to enhance storage facilities for crude oil and highlighted the rapidly growing natural gas demand in the country, listing the current and potential gas infrastructure development including pipelines, city gas distribution and LNG regasification terminals.
The Prime Minister discussed in detail the reforms undertaken in the oil and gas sector in the last seven years, including the ones in exploration and licensing policy, gas marketing, policies on coal bed methane, coal gasification, and the recent reform in Indian Gas Exchange, adding that such reforms will continue with the goal to make India ‘Aatmanirbhar (self-sufficient) in the oil & gas sector’.
The focus on oil sector has shifted from ‘revenue’ to ‘production’ maximization, he added.
Modi recounted that since 2016, the suggestions provided in these meetings have been immensely useful in understanding the challenges faced by the oil and gas sector.
The interaction was attended by industry leaders from across the world, including Dr. Igor Sechin, Chairman & CEO, Rosneft; Amin Nasser, President & CEO, Saudi Aramco; Bernard Looney, CEO, British Petroleum; Dr. Daniel Yergin, Vice Chairman, IHS Markit; Olivier Le Peuch, CEO, Schlumberger Limited; Mukesh Ambani, Chairman & Managing Director, Reliance Industries Limited; Anil Agarwal, Chairman, Vedanta Limited, among others.
The CEOs and experts noted the Indian Government’s several recent achievements towards improving energy access, energy affordability and energy security, and appreciated the transition to cleaner energy in India, through visionary and ambitious goals.
India is adapting fast to newer forms of clean energy technology, and can play a significant role in shaping global energy supply chains, said the CEOs, discussed the approach to ensuring sustainable and equitable energy transition.
The CEOS and experts also gave their inputs and suggestions about further promotion of clean growth and sustainability. #energy #investment #production #imports /fiinews.com
