NEW DELHI: India’s import dependency based on consumption for natural gas has decreased from 48.2% in financial year 2021-22 to 46.3% in financial year 2022-23 (April to October), said Minister of State for Petroleum and Natural Gas Rameswar Teli on Thursday.
The minister, in a written reply to Lok Sabha, also said the government is taking multiple steps to boost domestic production of natural gas. “Government has taken multiple steps/launched various policy initiatives to increase domestic production of natural gas and adopted strategies for promotion of biofuels. These, inter-alia, include support for compressed biogas, national gas grid for pipeline infrastructure, city gas distribution networks and LNG regasification terminals are being developed to ensure availability of gas to all demand centres,” said the minister.
He further said that under production and revenue sharing contract regimes, hydrocarbon (oil and gas) exploration activities are carried out by the operating companies. As reported by operating companies, an investment of nearly $1.8 billion (provisional) has been made in exploration activities in the last five years.
On minimising crude import, the minister said the government has adopted a five-pronged strategy increasing domestic production of oil and gas, promoting energy efficiency and conservation measures, giving thrust on demand substitution, promoting biofuels and other alternate fuels/renewables, and refinery process improvements.