PM Modi Brainstorms With Experts Over Ways To Jack Up Oil, Gas Output

05 January, New Delhi

As India faces the twin challenges of ensuring energy security for its economy and containing carbon footprint, Prime Minister Narendra Modi Tuesday underlined the urgency for taking a new look at the sector to attract enhanced investment.

The Prime Minister discussed with industry experts possible measures to attract enhanced investment into the oil and gas exploration and increase share of natural gas in countrys energy mix.The PM Narendra Modi, Tuesday interacted with global oil and gas experts.

The interaction, which lasted over two hours, also included Union Ministers Arun Jaitley, Piyush Goyal and Dharmendra Pradhan, Vice-Chairman of NITI Aayog Arvind Panagariya, besides top officials from the government and NITI Aayog, said an official statement.

“The discussions focused on subjects such as increasing the share of gas in India’s energy mix, fresh investment in oil and gas exploration in India, regulatory frameworks, international acquisition of oil and gas assets, emerging areas such as shale gas and coal-bed methane, and the oil and gas sector related possibilities of “Make in India, the statement added.

The PM emphasised his vision for a fresh look at the sector, to bring in investment, technological upgradation, and development of human resource, it said.Significantly, Indias oil and gas production are falling even as consumption of petroleum products is rising steadily, necessitating ever-increasing dependence on imports.

Private interest in the domestic oil and gas exploration business has dipped in recent years, with several international players relinquishing allocated blocks and leaving the country.