In a bid to make India Aatmanirbhar in the field of oil and natural gas, Prime Minister Narendra Modi on Wednesday invited global oil and gas giants and to explore opportunities to develop oil and gas set up in India.

He further pointed out the measures taken by his government to develop the sector, during his annual interaction with the experts and CEOs of top global companies working in the global oil and gas industry.

He furthered his desire to make India Aatmanirbhar or self-reliant in the field. The Indian government has been taking several measures to reduce the export & India’s dependence on the global market to fulfil its oil needs.

PM Modi invites global giants to make India ‘Aatmanirbhar’ in oil & gas sector 

Amid the continued rising prices of crude oil in the global market in the past year, the Indian government’s bid to become self-reliant has become all the more important.

PM Modi invites CEOs to partner with India in development of oil & gas sector in India. “Goal is to make India Aatmanirbhar in the sector. Focus has shifted from revenue to production maximization,” PM said during interaction with CEOs & experts of global oil & gas sector: PMO

Prime Minister Modi thoroughly discussed the oil and gas sector reforms implemented over the last 7 years, including those in exploratory and licensing strategy, a statement released by PIB said. The statement further added that PM also discussed gas marketing, policies on coal bed methane and coal gasification, and other reforms of the Indian Gas Exchange.

PM further added that such changes will continue with the goal of making India’s oil and gas sector ‘Aatmanirbhar.’ When it comes to exploration and production, Modi says the focus has switched from maximising “revenue” to maximising “production. PM Modi went on to say that India is filled with opportunities and optimism, creative ideas and innovation. 

The Prime Minister also mentioned the importance of improving crude oil storage facilities. He discussed the present and projected gas infrastructure development, including pipelines, city gas distribution, and LNG regasification terminals, in response to the country’s fast-expanding natural gas demand. He recalled how, since 2016, the comments made at these sessions have been extremely helpful in gaining a better knowledge of the difficulties faced by the oil and gas industry.

Industry leaders appreciate govt’s efforts to expand Oil & gas industry

The central government’s efforts to improve energy access, affordability, and security have been lauded by the industry leaders, who were attending the PM’s address. Industry leaders from around the world, including Rosneft CEO Igor Sechin, Saudi Aramco CEO Amin Nasser, BP CEO Bernard Looney, Reliance Industries CEO Mukesh Ambani, and Vedanta CEO Anil Agarwal, joined the discussion.

On the same, industry leaders appreciated PM’s effort and said, ”India is adapting fast to newer forms of clean energy technology, and can play a significant role in shaping global energy supply chains. 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,” the statement added. 

RepublicWorld by Aakansha Tandon, October 28, 2021