New Delhi: Stating that bilateral cooperation between India and the US in natural gas sector has been identified as a priority area, Minister of Petroleum & Natural Gas Dharmendra Pradhan has told US companies and investors that several new opportunities are coming up in the sector. In the run-up to the second ministerial meeting of the India and US Strategic Energy Partnership scheduled on July 17, Pradhan invited US companies and investors to engage and invest in India in new opportunities.
The minister added that new opportunities are coming up in the field of LNG bunkering, LNG ISO container development, petrochemicals, bio-fuels, and Compressed Bio Gas in the Indian energy sector.
Pradhan also talked about the far-reaching changes and policy reforms underway in the exploration and production sector in India. He said that India will see an investment of over US$118 billion in oil and gas exploration, as well as in setting up natural gas infrastructure, including development of gas supply and distribution networks in the next five years as the country prepares to meet the needs of a fast-growing economy.
The minister also invited greater participation from the US companies during the next OALP and DSF bid rounds, which has in recent times seen lesser participation from private players.
While noting that there have been a few collaborative efforts between Indian and American companies in the sector, Pradhan said that the bilateral cooperation was far below the potential. He noted the resilience of the US-India Energy Partnership and characterised it as one of the most durable pillars on which the India-US Strategic Partnership rests.
Pradhan said that even during these challenging times, India and the US have been working in close collaboration, be it in stabilising global energy markets or in collaborative efforts to address COVID-19. He said, "In today's turbulent world, one constant is and always will be the strength of our bilateral partnership."
Pradhan, along with US Secretary of Energy HE Dan Brouillette, co-chaired industry-level interaction, organised by USIBC (US-India Business Council) on July 15. The minister had also separately chaired an industry-level interaction organised by US-India Strategic Energy Partnership under the aegis of USISPF (US India Strategic Partnership Forum) on July 14.
Petroleum Secretary Tarun Kapoor, Indian Ambassador to the US Taranjit Sandhu, representatives of various energy-related ministries of government of India and US and representatives from Indian and US companies also took part in this virtual meeting.
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