PM Modi: Govt moving forward with intention of making India ‘Atmanirbhar’ in oil & gas

• Talking about the oil sector, Modi said that the focus has shifted from 'revenue' to 'production' maximisation
• He also spoke about the need to enhance storage facilities for crude oil

New Delhi: While interacting with the CEOs and experts of the global oil and gas sector on Wednesday evening via video conferencing, Prime Minister Narendra Modi emphasised that the government will continue enacting reforms to make India Atmanirbhar (self-reliant) in the oil and gas sector. "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 in the oil & gas sector,'" said an official statement.

India wants to maximise oil & gas production: PM

Talking about the oil sector, Modi said that the focus has shifted from 'revenue' to 'production' maximisation. He also spoke about the need to enhance storage facilities for crude oil. He further talked about the rapidly growing natural gas demand in the country. He talked about the current and potential gas infrastructure development including pipelines, city gas distribution and LNG regasification terminals.

Prime Minister 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. He said that India is a land of openness, optimism and opportunities and is brimming with new ideas, perspectives and innovation. He invited the CEOs and experts to partner with India in exploration and development of the oil and gas sector in India. 

Investors laud govt initiatives in energy sector

The interaction was attended by industry leaders from across the world, including Dr Igor Sechin, Chairman and CEO, Rosneft, Amin Nasser, President and CEO, Saudi Aramco, Bernard Looney, CEO, British Petroleum, Dr Daniel Yergin, Vice Chairman, IHS Markit, Olivier Le Peuch, CEO, Schlumberger Limited, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited (RIL), Anil Agarwal, Chairman, Vedanta Limited, among others.

They praised the recent achievements of the government towards improving energy access, energy affordability and energy security. They also appreciated the leadership of the Prime Minister in charting India's transition to cleaner energy 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 industry leaders.

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