NEW DELHI: Prime Minister Narendra Modi on Wednesday said that reforms initiated by his government in the oil and gas sector would continue with the goal of making India self-reliant in the sector. The prime Minister was interacting with chief executive officers (CEOs) and global executives from oil and gas sector.
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.
Talking about the oil sector, he said that the focus has shifted from ‘revenue’ to ‘production’ maximization. He also spoke about the need to enhance storage facilities for crude oil. He further talked about the rapidly growing natural gas demand in the country. He talked about the current and potential gas infrastructure development including pipelines, city gas distribution and LNG regasification terminals.
The meeting was attended by chairman and managing director of Reliance Industries Mukesh Ambani, chairman and CEO of Rosneft Dr Igor Sechin, Saudi Aramco president and CEO Amin Nasser petroleum and natural gas minister Hardeep Singh Puri, Finance Minister Nirmala Sitharaman and Rajiv Kumar Vice chairman Niti Aayog, among other. The meeting holds importance amid rising energy cost including crude oil, gas and coal.
Earlier in the day petroleum minister Hardeep Puri flagged concern over high oil price which could derail economic recovery. “I am sure our friends in OPEC will take into account the sentiment voiced in forums like these. We are trying to ensure economic activity, but if high prices undermine that economic activity then economic activity will slow down and demand for oil and gas will also go down,” Puri told the India Energy Forum.
He said that the extreme volatility and high prices have led to surge in the domestic prices of hydrocarbon fuels. The high prices of oil has impact on the economies, leading to surge in inflation and affecting the logistics cost. The price of petrol in Delhi rose to its highest-ever level of Rs 106.19 a litre and and Rs 112.11 per litre in Mumbai.
India flags concern at energy forum
At the India Energy Forum, petroleum minister Hardeep Puri flagged concern over high oil price. “I am sure our friends in OPEC will take into account the sentiment voiced in forums like these. We are trying to ensure economic activity, but if high prices undermine that economic activity then economic activity will slow down and demand for oil and gas will also go down,” Puri said, adding, the extreme volatility and high prices have led to surge in the prices of hydrocarbon fuels.