Speed Post News Network
New Delhi : Union Minister for Petroleum and Natural Gas & Skill Development and Entrepreneurship Dharmendra Pradhan has invited the private investors to participate and make the most of the India’s growth story.
Speaking at the roadshow for Discovered Small Field-II bids in Abu Dhabi on November 12, 2018, Pradhan said that in the last four years, we have made giant strides in oil and gas sector, however the best is yet to come. No country, international organisation or company alone can go far without partnership and collaboration.
Pradhan said that India is at present the 3rd largest energy consumer in the world. Energy consumption in India in the past decade has increased at a compound annual growth rate of more than 5%. In future too, energy consumption in India is expected to rise by more than 4% annually. Globally, majority of the growth in energy demand is going to come from India. Our oil & gas demand is expected to increase nearly 3 fold from 229 Million Metric Tons currently to 607 Million Metric Tons in 2040. He said that there are several bright prospects in upstream oil and gas sector in India.
The Minister said that Government of India has undertaken measures to overhaul the policy framework encompassing the entire energy value chain to ensure energy security for the country. One of the most important area of focus to ensure energy security is towards the Exploration & Production (E&P) sector. Both Hydrocarbon Exploration and Licensing Policy and Discovered Small Fields Policy are progressive measures aimed at facilitating investment for exploration in Indian acreages. Fifty-five blocks spread across 10 sedimentary basins under maiden Bid Round of Open Acreages Licensing Policy were recently awarded after a gap of 6 years, Pradhan said, according to a PIB release.
Earlier in 2016, Government had launched Discovered Small Fields Bid Round-I which was a great success with 30 contract areas awarded to 20 companies. The Minister said that India accords high priority to promoting a gas based and clean economy.