The world is eyeing India as it is the new engine of global growth, oil minister Dharmendra Pradhan said on November 24, 2016, while laying out future roadmap for the country’s oil industry in a globalised environment.
«India has become the third largest oil consumer in the world… I understand that a prerequisite of this growth is providing adequate and affordable energy», Pradhan said at the curtain-raiser for Petrotech 2016, the government’s bi-annual showcase for the oil industry.
India currently imports 81% of the country’s requirement for oil and 37% for gas. According to him, 60% of India's oil comes from West Asia, 19% from West-African countries, 15% from Latin America and 2.5 from South East Asia.
«The story of our oil and gas sector is a story of inter-dependence. India’s total energy requirement is about 700 million tonne of oil equivalent… Talks on several investment opportunities (with foreign partners) are progressing and you are likely to see outcomes during Petrotech 2016,» Pradhan said.
While consumption is increasing on the back of rapid growth, the minister said the government has strengthened the movement to increase use of clean fuel all over the country. India has a robust refining sector with a capacity to process about 230 million tonne of crude per annum to meet future requirement.
Petrotech serves as a one-stop destination to explore the growth opportunity in petroleum technology, exploration, drilling, production and processing and many more. Ministers from more than 15 countries will participate in the event.
