Union Minister of Petroleum and Natural Gas Dharmendra Pradhan held bilateral talks with Turkish Energy Minister Berat Albayrak on Tuesday, during which issues of bilateral energy cooperation, including renewable energy were discussed. The two ministers agreed to work together on few concrete projects in coming period in areas like E&P and downstream sectors. They also agreed to work together in third countries. Pradhan also chaired a ministerial session on ‘Current Economic Strategies in Indian Oil & Gas Sector’. He also chaired a plenary session on ‘Supply and Demand Challenges for Oil, Gas and Products’. Addressing the plenary session, Pradhan said that rising middle class of emerging Asian countries like India will drive the demand for energy both in terms of electricity and cooking and transportation fuel.
Giving example of India, he said that the energy consumption is expected to grow to almost double by 2035. India is the only country where the demand will continue to rise for more than a decade. He flagged the importance of “Responsible Price” for crude oil for countries like India which would allow it to provide energy to the common people. He underlined that in today’s oversupplied market, it is important for producers to understand the perspective of consumers and demand centers and the changes that have taken place in these demand centres.
Later in the evening, Pradhan launched an event on Hydrocarbon Exploration & Licensing Policy (HELP) as a part of process of promoting the upcoming oil & gas bidding rounds in India. The event was attended by noted industry leaders like M Bob Dudley, Group CEO, BP; Daniel Yergin vice president IHS Markit; FatihBirol, Executive Director of IEA; Sun Xianseng, Secretary General, IEF and many others.