Prime minister Narendra Modi He discussed current and potential gas infrastructure developments including pipelines, city gas distribution and LNG regasification terminals during an interaction with CEOs and experts from the global oil and gas sector via videoconference on Wednesday.
The PM discussed the reforms made in the oil and gas sector in the last seven years. These include exploration and licensing policy, gas marketing, policies on coal bed methane, coal gasification and recent reforms in the Indian Gas Exchange. The Prime Minister’s Office (PMO) said in a statement that such reforms would continue with the goal of making India ‘self-reliant in the oil and gas sector’.
Talking about the oil sector, PM Modi said that the focus has shifted from ‘revenue’ to ‘production’ maximization. He also spoke about the need to increase the storage facilities for crude oil.
This is the sixth such annual interaction that began in 2016 and marks the participation of global leaders in the oil and gas sector. “Since 2016, the suggestions made in these meetings have been extremely useful in understanding the challenges facing the oil and gas sector,” he said.
Describing India as a land of openness, optimism and opportunities filled with new ideas, perspectives and innovations, Modi invited CEOs and experts to be partners in the exploration and development of India’s oil and gas sector.
Industry leaders lauded the Prime Minister’s leadership in the transition to clean energy. “India is rapidly adopting new forms of clean energy technology and can play an important role in shaping the global energy supply chain,” he said.
Industry leaders from around the world participated, including Dr. Igor Sechin, Chairman and CEO of Rosneft; Saudi Aramco’s President and CEO, Amin Nasser; British Petroleum CEO Bernard Looney; Daniel Yergin, Vice Chairman of IHS Markit; Olivier Le Peuche, CEO of Schlumberger Ltd.; Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited; Vedanta Limited Chairman Anil Agarwal and others.
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