Dharmendra Pradhan said that India will see an investment of over $118 billion in the oil and gas sector in the next five years.
Petroleum Minister Dharmendra Pradhan invited the US companies and investors to engage and invest in India, ahead of the second ministerial meeting of India and the US Strategic Energy Partnership scheduled tomorrow. Dharmendra Pradhan said that India will see an investment of over $118 billion in the oil and gas sector in the next five years. He added that India is preparing to meet the needs of a fast-growing economy, hence the country is striving for setting up oil and gas exploration facilities and natural gas infrastructure, including the development of gas supply and distribution networks across the country.
The minister underlined that there have been a few collaborative efforts between Indian and American companies in this sector, but it is far below their potential. He also said that the resilience of the US-India Energy Partnership is one of the most durable pillars on which the bilateral relations of both countries rest. In an interaction organised by the US-India Business Council (USIBC), Dharmendra Pradhan added 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 the coronavirus pandemic.
India’s petroleum minister highlighted several upcoming new opportunities in the field of LNG bunkering, LNG ISO container development, petrochemicals, bio-fuels, and Compressed Bio-Gas in the Indian energy sector. He further invited greater participation from the US companies during the next Open Acreage Licensing Programme (OALP) and Discovered Small Fields (DSF) bid rounds.
Meanwhile, in an effort to turn India into a gas-based economy, the cabinet had recently approved the capital grant as viability gap funding to Indradhanush Gas Grid Ltd for setting up the North-East Natural Gas Pipeline Grid. The government had earlier announced the plan to raise the share of natural gas in the country’s primary energy mix to 15 per cent by 2030 from the present level of 6 per cent. The government has been encouraging large-scale investments in gas production, transportation, and import terminals to increase countrywide access to fossil fuel.