PM Modi Invites CEOs to Partner with India in Exploration, Development of Oil & Gas Sector

Prime Minister Narendra Modi on Wednesday discussed the current and potential gas infrastructure development including pipelines, city gas distribution and LNG regasification terminals, during interaction with the CEOs and experts of the global oil and gas sector via videoconference.

The PM discussed reforms undertaken in the oil and gas sector in the last seven years. These included exploration and licensing policy, gas marketing, policies on coal bed methane, coal gasification, and the recent reform in Indian Gas Exchange. Such reforms will continue with the goal to make India ‘Aatmanirbhar in the oil and gas sector’, the Prime Minister’s Office (PMO) said in a statement.

Talking about the oil sector, PM Modi said that the focus has shifted from ‘revenue’ to ‘production’ maximisation. He also spoke about the need to enhance storage facilities for crude oil.

This is the sixth such annual interaction which began in 2016 and marks the participation of global leaders in the oil and gas sector. “Since 2016, the suggestions provided in these meetings have been immensely useful in understanding the challenges faced by the oil and gas sector,” he said.

Terming India as a land of openness, optimism, and opportunities brimming with new ideas, perspectives, and innovation, Modi invited the CEOs and experts to partner in the exploration and development of India’s oil and gas sector.

Industry leaders appreciated the leadership of the Prime Minister towards the transition to cleaner energy. “India is adapting fast to newer forms of clean energy technology and can play a significant role in shaping global energy supply chains,” they said.

The was attended by industry leaders from across the world, including Rosneft Chairman and CEO, Dr Igor Sechin; Saudi Aramco President and CEO, Amin Nasser; British Petroleum CEO Bernard Looney; IHS Markit Vice Chairman Daniel Yergin; Schlumberger Limited CEO Olivier Le Peuch; Reliance Industries Limited Chairman and Managing Director, Mukesh Ambani; Vedanta Limited Chairman Anil Agarwal, among others.

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