India extends Open Invitation to the Multinational Oil and Gas Majors to participate in the Indian Oil and Gas Exploration Program
India has extended an Open invitation to the Multi National Oil and Gas
Majors British Petroleum, Shell, Exxon and Mobil to expand their footprints in
India, take advantage of the reforms in the oil and gas exploration and
production sector and participate in a big way in the next round of Oil and Gas
Block Bidding rounds of the Petroleum Ministry.
Minister of Petroleum and Natural Gas and Steel, Dharmendra Pradhan has
extended the invitation to the MNCs during the course of his address at the
third annual leadership Summit of the USISPF on the theme of “Navigating New
Challenges in the national capital on September 2.
US companies invited
to take advantage of reforms in the exploration
He expressed happiness at global oil & gas majors like BP, Shell,
Total, Exxon Mobil expanding their footprints in India and invited the US
companies to take advantage of reforms in the exploration and production sector
and participate in the next oil and gas block bidding rounds
The Minister talked about the growing bilateral hydrocarbon trade between
India and the US, which touched above 9 billion US Dollars during FY 2019-20
and is expected to increase further as companies are looking to source more
crude oil and LNG from the US at competitive rates.
The Minister talked about the importance of gas sector in the Strategic
Energy Partnership as India is working to transform itself into a gas based
economy by increasing the share of gas from 6 to 15 per cent in the energy mix
by 2030, with an estimated investment of 60 billion US Dollars lined up in the
sector, developing a “One Nation, One Gas Grid.”.
Energy consumption anticipated
to reach pre-Covid levels soon with gradual pick up of economic activity in India
Minister Pradhan talked about the unprecedented impact of the Covid-19 pandemic
and added that with the gradual pick up of economic activity in India, energy
consumption is anticipated to reach pre-Covid levels soon.