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PM Narendra Modi invites global CEOs to explore oil & gas in India

India's cumulative investment in oil & gas projects in Russia exceeds $15 billion

PM Narendra Modi invites global CEOs to explore oil & gas in India

New Delhi, October 22 - Neftegaz.RU. According to Indian PTI, the country´s Prime Minister Narendra Modi on Wednesday rolled out the red carpet for global oil & gas giants and invited them to come and explore for oil & natural gas in India.
According to an official statement, the Prime Minister discussed in detail the reforms undertaken in the sector in the last 7 years, including:
  • exploration and licensing policy
  • gas marketing
  • policies on coal bed methane
  • coal gasification,and the recent reform in Indian Gas Exchange
In his annual interaction with CEOs and experts, Modi said the aim is to make India 'aatmanirbhar' or selfreliant in the oil & gas sector.

Talking about exploration and production, Modi said the focus has shifted from 'revenue' to 'production' maximisation.
The Prime Minister also spoke about the need to enhance storage facilities for crude oil.

The interaction was attended by industry leaders from across the world, including Rosneft CEO Igor Sechin, Saudi Aramco CEO Amin Nasser, BP CEO Bernard Looney, Mukesh Ambani - Head of Reliance Industies and Vedanta boss Anil Agarwal.

Talking about the rapidly growing natural gas demand in the country, he said outlined the current and potential gas infrastructure development, including pipelines, city gas distribution and LNG
regasification terminals.
He further said India is a land of openness, optimism and opportunities and is brimming with new ideas, perspectives and innovation.

According to the Indian Brand Equity Foundation, India could see investments of around $500 billion in its new energy industry by 2028.

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