Such a partnership is important as the global oil and gas industry today requires new technologies and processes, innovative thinking and creative business models to meet emerging challenges now on the horizon. This is also critical to make India more self-sufficient in the field of energy. Currently, India ranks 7th in terms of energy production but fourth in terms of consumption. It is slated to become the third largest by the year 2020. “This implies that we need to increase our energy supply by 3 to 4 times over the next two decades,” Singh said.
He also informed that in order to bridge the gap between demand and domestic supply, the Government is encouraging domestic and global companies to explore potentially hydrocarbon-rich areas in the framework of a stable and enabling policy environment.
Speaking on the occasion Petroleum Minister Dr M Veerappa Moily emphasised that there are tremendous opportunities in the Indian oil and gas sector. He called for faster, transparent and fair decision making which could take India towards realising its goal of achieving self-sufficiency in petroleum product supply as envisioned by him by the year 2030. Referrring to the conference, Dr Moily stressed that energy requirement of emerging economies is growing at a rapid pace and must be met in order to satisfy socio-economic and lifestyle aspirations of a large part of the world’s population living in this part of the world.
