Dharmendra Pradhan: India to see $118 billion investment in Oil and Gas sector in the next five years

Date:

Trending

India will see a massive investment of USD 118 billion in oil and gas exploration as well as in setting up of natural gas infrastructure in the next few years as the country prepares to meet the needs of a fast-growing economy, oil minister Dharmendra Pradhan said on Monday.

- Advertisement -

As much as USD 58 billion will be invested by 2023 in oil and gas exploration and production, while, another USD 60 billion will be put in creation of natural gas infrastructure such as pipelines, import terminals and city gas distribution networks by 2024.

Speaking at the India Energy Forum of CERAWeek conference here, he said India‘s energy transition level is in line with global trends.

- Advertisement -

“Today India is sixth largest economy in the world and third largest energy consumer after US and China. India will be the key driver of global energy demand in coming decades,” he said.

India, he said, offers stable polity with reform focused approach and a strong institutional framework for catalysing the investments.

Pradhan said his government has overhauled the policy framework to revitalize oil and gas ecosystem and establish a conducive business environment, prompting International Energy Agency to state that investments in energy sector in India had recorded the second highest growth in the world during 2015 to 2018.

“Growing presence of global oil and gas majors like Saudi Aramco, ADNOC, BP, Shell, Total, Rosneft and ExxonMobil in India is a testimony to the faith and confidence of global investors on promising India’s growth story,” he said.

Giving details of investment lined up, he said three rounds of bidding for exploration acreage under the Open acreage licensing policy and two rounds of bidding under the Discovered Small Fields (DSF) policy had helped garner an estimated investment of USD 58 billion in exploration and production of crude oil and natural gas by 2023.

On gas, he said: “As we speak, an estimated investment of USD 60 billion is lined up in building gas pipelines, terminals, and city gas infrastructure that are in different stages of implementation.”

Stating that the Government was committed to make India a low carbon economy even though its per capita carbon emission was far less than the world average, he said special thrust is being given to promote gas-based economy.

According to Pradhan, the city gas distribution licenses given in last couple of years will help cover half of India’s geography and would serve 70 per cent of India’s population through availability of low carbon and affordable natural gas.

Pradhan said the downstream sector fuel refining and marketing sector has been completely liberalised with market driven pricing allowed for major petroleum products.

“Our fuel standards are comparable to the best in world and pan India BS-VI complaint fuel will be available in India from April 1, 2020,” he said.

Also, emphasis is being given on use of biofuels generated from various types of agriculture residue and municipal solid waste and use of compressed biogas produced from biomass waste, he said.

“We have made a target to setup 5000 compressed biogas plants in different parts of the country,” he noted.

THE SNAPSHOTS

Sign up to get quick snaps of everyday happening, directly in your inbox.

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Support our independent journalism PayPal (Outside India) For PayU (For Indian Readers).

Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.

More Latest Stories

More Articles

Operation Sindoor: India, Pakistan Agree to Ceasefire After High-Level Military Talks

India and Pakistan agreed on Saturday to halt all military activities across land, air, and sea, marking a significant pause in rising tensions over...

India Says Pakistan Attempted Large-Scale Drone Incursions, Used Civilian Flights as Cover

India on Friday accused Pakistan of attempting large-scale drone incursions across the western border and using civilian airliners as cover during heightened military activity. Speaking at a press briefing, Wing Commander Vyomika Singh said the Pakistani military violated Indian airspace multiple times on the night...

The Future of B2B Commerce: E-commerce Platforms and Beyond

The way companies buy items and sell services has changed a lot from the...

No OTPs, No Hassles: The Rise of Passwordless Digital Payments

India is pacing toward a passwordless future in the digital payments ecosystem. Technologically, it’s...

How AI-Powered Online Platforms Are Revolutionizing Life Insurance Recommendations

Anyone with a child, a spouse, a life partner, or a parent as a...

Loans in Crypto Wallet: Useful Feature or a Security Threat?

Integrating crypto loans into digital wallets is gaining traction, allowing users to borrow and...

How Technology Helps Combat Various Viruses and Diseases

Technology has transformed the ways we approach vaccines, particularly for the flu. One noteworthy...

12 Eye-Popping Hacks to Make Your Next Business Presentation Sparkle

Business presentations are often necessary to gain new clients and showcase what it is...

Why Crypto Traders Are Flocking to Cap-tex Now

A recent surge in cryptocurrency prices, driven by global economic shifts and high-profile endorsements, has sparked a trading frenzy on Cap-tex.com, a leading online...

The Long-Term Power of Investing: Selecting Undervalued Industries

Investing can seem overwhelming, especially for beginners, as the numerous options and strategies available...

The Impact of EdTech on Student Outcomes in Higher Education

The introduction of interactive whiteboards in the early 1990s marked a major shift in...

“We Are Not America”: Canada’s New PM Mark Carney On Trump’s Comment On Making it 51st state

In his first public remarks, Canada's New Prime Minister, Mark Carney, reaffirmed Canada's independence...

Shell Executive Robin Mooldijk Sells €1.69 Mn in Shares

Shell plc’s Projects & Technology Director, Robin Mooldijk, has offloaded 50,000 shares in the...

HR Chief Amy Coleman Reports Over 46,000 Microsoft Shares in SEC Filing

Microsoft (NASDAQ: MSFT) Chief Human Resources Officer, Amy Coleman, has reported her stock holdings in a recent regulatory filing with the U.S. Securities and...

BGC Group raises $700 Mn in bond sale to refinance debt

BGC Group, Inc. (NASDAQ: BGC) has finalized a $700 million private offering of senior unsecured notes, carrying a coupon rate of 6.150% and maturing in 2030. According to the latest SEC filing, "The proceeds will be used to retire $288.2 million of 4.375% senior notes...

Alphabet Legal Chief John Kent Walker to Sell $2Mn in Shares via Morgan Stanley

Alphabet Inc.’s (NASDAQ: GOOGL) Chief Legal Officer, John Kent Walker Jr., has filed to...

The Ultimate Guide to Choosing and Using Fonts in Your Design Projects

Fonts play a crucial role in every design project, from branding and web design...

Meta Chief Legal Officer Jennifer Newstead Offloads Shares as Part of Trading Plan

According to regulatory filings, Jennifer Newstead, Chief Legal Officer at Meta Platforms, Inc. (NASDAQ:...

Nvidia Director Aarti Shah to Sell Shares Worth $2.37 Mn

Aarti S. Shah, a director at NVIDIA Corporation (NASDAQ: NVDA), has filed a notice...

Alphabet Board Member Frances Arnold Increases Stake Following Dividend Allocation

According to a recent regulatory filing, Frances Arnold, a board member at Alphabet Inc.,...

Alphabet COA Amie Thuener O’Toole Increases Stock Holdings

In a filing with the U.S. Securities and Exchange Commission (SEC), Alphabet Inc.’s (NASDAQ...

Google Acquires Wiz for $32 Billion in All-Cash Deal

Google LLC, a subsidiary of Alphabet Inc. (NASDAQ: GOOG, GOOGL) has signed a deal...

The Sustainability Imperative: How IT Distribution Is Driving Green Tech Adoption

In today's day and time sustainability is no longer just a corporate commitment, it...

How a Money Back Policy Can Be a Smart Financial Choice?

Creating financial security involves strategic planning because investment decisions form one of the essential...

“We Are Not America”: Canada’s New PM Mark Carney On Trump’s Comment On Making it 51st state

In his first public remarks, Canada's New Prime Minister, Mark Carney, reaffirmed Canada's independence...

Predictive Analytics: The Key to Supply Chain Resilience

In today’s interconnected global economy, supply chains are the lifeblood of businesses, weaving intricate...

Empowering Growth: Boosting the Robotics Sector with Targeted Support

India's robotics sector is emerging as a key area of technological progress, driving innovation...

Jensen Huang Offloads $49.8Mn in Nvidia Shares

Nvidia (NASDAQ: NVDA) CEO and President Jen-Hsun Huang has disclosed the sale of 431,611...
00:02:53

Canada, Australia Partner to Build $6 Bn Arctic Radar System

In a bid to enhance Arctic and national security, Canada's Prime Minister Mark Carney...

Shell Executive Robin Mooldijk Sells €1.69 Mn in Shares

Shell plc’s Projects & Technology Director, Robin Mooldijk, has offloaded 50,000 shares in the...

The Sustainability Imperative: How IT Distribution Is Driving Green Tech Adoption

In today's day and time sustainability is no longer just a corporate commitment, it...

The Future of Digital Payments and Cybersecurity Challenges

The future of digital payments is evolving rapidly, driven by technological advancements, changes in...

How a Money Back Policy Can Be a Smart Financial Choice?

Creating financial security involves strategic planning because investment decisions form one of the essential...