In his inaugural address Dr. Singh emphasised that the use of natural gas offered greater supply security through diversification of the energy basket and also helped in promoting sustainable economic growth and development. He had said that the India needs to increase its energy supply by 3 to 4 times within next two decades. It currently ranks as the world’s seventh largest energy producer, accounting for just about 2.5% of the world’s total annual energy production, while it is the 4th largest energy consumer. With oil and gas constituting around 41% of India’s primary energy consumption, India is expected to be the 3rd largest energy consumer by the year 2020.
"To bridge this gap between supply and demand, we are encouraging domestic and global companies to explore our onshore and offshore regions. I take this opportunity to assure investors of our Government’s commitment to providing a stable and enabling policy environment for exploration of new sources of energy.
India is also progressively pursuing other options to achieve energy security. One of these is the acquisition of energy assets in other countries. I congratulate GAIL, ONGC Videsh Ltd., and other companies for their efforts in this direction. These will not only help us in securing new supplies of energy but also in acquisition of the latest technological know-how. "
