Monday, July 4th, 2022 02:18:25

PM Modi Interacts with global CEOs of Oil and Gas sectors and Calls to enhance storage facilities for crude oil

Updated: October 21, 2021 1:59 pm

Prime Minister Narendra Modi said India is a land of openness, optimism and opportunities and is brimming with new ideas, perspectives and innovation. Mr. Modi also said, the focus of oil sector has shifted from revenue to production maximization and also spoke about the need to enhance storage facilities for crude oil.

The Prime Minister yesterday interacted with the CEOs and Experts of the global oil and gas sector through video conferencing.

Mr Modi 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.

Mr Modi 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. He said, such reforms will continue with the goal to make India Aatmanirbhar in the oil and gas sector.

The Prime Minister recounted that since 2016, the suggestions provided in these meetings have been immensely useful in understanding the challenges faced by the oil and gas sector.He invited the CEOs and experts to partner with India in exploration and development of the oil and gas sector in India.

The interaction was attended by industry leaders from across the world, including Chairman and CEO of Rosneft Dr. Igor Sechin, President and CEO, Saudi Aramco Amin Nasser, CEO of British Petroleum Bernard Looney, Vice Chairman of IHS Markit Dr. Daniel Yergin, CEO of Schlumberger Limited Olivier Le Peuch, Chairman and Managing Director of Reliance Industries Limited Mukesh Ambani, Chairman of Vedanta Limited Anil Agarwal among others.

They praised several recent achievements of the government towards improving energy access, energy affordability and energy security. They appreciated the leadership of the Prime Minister towards the transition to cleaner energy in India, through visionary and ambitious goals. They said, India is adapting fast to newer forms of clean energy technology and can play a significant role in shaping global energy supply chains.

They talked about ensuring sustainable and equitable energy transition and also gave their inputs and suggestions about further promotion of clean growth and sustainability.

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