Prime Minister Narendra Modi on Wednesday rolled out the red carpet for global CEOs and experts and invited them to explore oil and natural gas in India.

The Prime Minister discussed in detail the reforms undertaken in the oil and gas sector in the last seven years, including the ones in exploration and licensing policy, gas marketing, policies on coal bed methane, coal gasification, and the recent reform in Indian Gas Exchange, adding that such reforms will continue with the goal to make India ‘Aatmanirbhar in the oil & gas sector’.

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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. Talking about the rapidly growing natural gas demand in the country, he outlined the current and potential gas infrastructure development, including pipelines, city gas distribution and LNG regasification terminals.

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Prime Minister recounted that since 2016, the suggestions provided in these meetings have been immensely useful in understanding the challenges faced by the oil and gas sector. "India is a land of openness, optimism and opportunities and is brimming with new ideas, perspectives and innovation," he said.

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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, Reliance Industries head Mukesh Ambani and Vedanta boss Anil Agarwal.

"They said that India is adapting fast to newer forms of clean energy technology, and can play a significant role in shaping global energy supply chains," a statement said.

"They talked about ensuring sustainable and equitable energy transition, and also gave their inputs and suggestions about the further promotion of clean growth and sustainability," it added.

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(Edited by : Aditi Gautam)

First Published:Oct 20, 2021 10:38 PM IST