October 20, 2021
PM called for shifting sectoral focus from revenue generation to production maximization.
Expansion of gas pipelines, distribution networks and LNG regasification terminals have been identified as priorities.
Initiatives such as the Indian Gas Exchange, gas marketing and licensing policy can help enhance sectoral capabilities.
At a global level, solutions are required to increase renewable fuel generation to aid large scale energy transition.
Prime Minister Modi today interacted with key national and international leadership from the Oil and Natural Gas domain over video conference to explore new avenues for development and investment in the sector. The sixth annual meeting saw Prime Minister Modi address CEOs including Olivier Le Peuch (Schlumberger Limited) , Bernard Looney (British Petroleum), Igor Sechin (Rosneft) as well as Anil Agarwal, Chairman, Vedanta Limited, Mukesh Ambani, Chairman & Managing Director, Reliance Industries Limited and Amin Nasser, President & CEO, Saudi Aramco. Each of the representatives presented roadmaps and solutions to increase sustainability with the Oil and Natural Gas sector in the long term.
In line with achieving the objective of ‘Atmanirbharta’ or self-sufficiency, the Prime Minister called for shifting the industry’s focus from revenue generation to the maximization of production. He also highlighted the potential of sector-specific policy measures including the Indian Gas Exchange, coal bed methane, licensing policy, gas marketing and coal gasification in enhancing competencies. The Prime Minister also highlighted the need to increase the national crude oil storage capacity and accelerate the development of LNG regasification terminals, gas pipelines and gas distribution networks. The meeting coincides with the global movement towards renewable energy transition as well India’s request to the OPEC grouping to increase the production of fuels. Solutions to facilitate the large-scale transition and mitigate the demand-supply gap can enable India to realize its potential as a nation of ‘openness, optimism and opportunities’ as highlighted by Prime Minister Modi.