Narendra Modi’s energy push: PM calls for innovation and research in oil sector

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Published: October 9, 2017 4:59:51 PM

In a bid to reduce dependance on oil imports in India, Prime Minister Narendra Modi called for “all possibilities for innovation and research in the oil and gas sector.”

Economy, Narendra Modi, Narendra Modi government, India, PM modi, jobs, infrastructureAt an interaction which included oil and gas CEOs and experts from across the world, the Prime Minister welcomed the suggestion made for a comprehensive energy policy, according to a PMO press release.(Image: Reuters)

In a bid to reduce dependance on oil imports in India, Prime Minister Narendra Modi called for “all possibilities for innovation and research in the oil and gas sector.” At an interaction which included oil and gas CEOs and experts from across the world, the Prime Minister welcomed the suggestion made for a comprehensive energy policy, according to a PMO press release.

“Subjects such as the need for a unified energy policy, contract frameworks and arrangements, requirement of seismic data sets, encouragement for biofuels, improving gas supply, setting up of a gas hub, and regulatory issues came up for discussion”, the statement said. Narendra Modi also thanked the participants for sharing their views, and said that many suggestions received in 2016 have helped to shape the energy policy in India.

The meeting saw the top heads of the energy world from CEOs and officials from Rosneft, BP, Reliance, Saudi Aramco, Exxon Mobil, Royal Dutch Shell, Vedanta, Wood MacKenzie, IHS Markit, Schlumberger, Halliburton, Xcoal, ONGC, IndianOil, GAIL, Petronet LNG, Oil India, HPCL, Delonex Energy, NIPFP, International Gas Union, the World Bank, and International Energy Agency, were present at the meeting.

“The prime minister indicated that as India moves towards a cleaner and more fuel-efficient economy, he wants its benefits to expand horizontally to all sections of the society, and in particular to the poorest,” a statement release said.

“The prime minister thanked all participants for sharing holistic suggestions, keeping in mind India’s unique potential and requirements in the oil and gas sector, instead of merely confining themselves to the concerns of their respective organisations,” said the same release.

Narendra Modi also stressed on the need to develop energy infrastructure and access to energy in eastern India. Oil Minister Dharmendra Pradhan told ET Now after the event, “Constant reform is the only strategy, to bring more transparency in the Indian market. Power industry is one of the most important industries in India.” Further, Dharmendra Pradhan said that in the meeting the participants discussed India’s energy economy with Aramco Saudi. “Aramco interacted with IOC, BPCL and HPCL,” ET Now reported the oil minister as saying.

Aramco Saudi plans launch a subsidiary in India, Aramco Asia India (AAI), even as the company  is in talks for acquiring a stake in the Rs 40,000 crore coastal refinery being planned in Maharashtra by an IndianOil-led consortium of state-run refiner-marketers. Aramco is looking at R&D centers in Bengaluru and Pune, Dharmendra Pradhan told ET Now.

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