Pushing Indian energy companies to become multinationals, Prime Minister Narendra Modi on Monday outlined a vision for creating energy corridors to West Asia, Central Asia and South Asia, saying stable and reasonably-priced energy is key to economic development.
The world’s third-largest energy consumer needs to raise domestic oil and gas production to cut imports as also establish partnership with regional energy powerhouses, he said while addressing the inaugural session of Petrotech conference.
Stating the need to increase domestic oil and gas production and reduce import dependence, he said, “I have set a target to reduce import dependence by 10% by 2022. This will have to be achieved during the period of increasing oil consumption.”
Modi said a new hydrocarbon exploration and production policy has been introduced to provide for uniform licence for exploration and production for all forms of hydrocarbons.
He attributed the $5.6-billion investment in Russian oilfields that will provide 15MT of equity oil equivalent, to a proactive foreign policy and energy diplomacy. “I hope that our oil and gas sector firms will take the opportunity to tie up with their foreign peers to explore for more equity oil… Indian energy companies must become multinational,” he said.