USD 58 billion investment is expected in India's oil exploration, production sector in next 2 years: Dharmendra Pradhan

Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Monday said that US dollar 58 billion investment is expected in India's oil exploration and production sector in next two years, while US dollar 60 billion has already been invested to create a gas-based infrastructure in the country.

"We have invested around US dollar 60 billion to create a gas-based infrastructure in India. US dollar 58 billion investment is expected in two years in the oil exploration and production sector. New refineries and terminals, expanding the market size, bio-fuel are the priority areas," said Pradhan while addressing the third "India Energy Forum" in the national capital.

He said that the Centre is committed to making India a low carbon economy while stating that India's per capita carbon emission is far less than the world average.

"The Central government is committed to making India a low carbon economy, although our per capita carbon emission is far less than the world average, particularly the Organisation for Economic Cooperation and Development (OECD) countries," said Pradhan.

The Union Minister also stressed the need for expediting gas exploration and developing import and distribution infrastructure.

"The oil sector can play a major role in realising the dream of making India a five trillion dollar economy by 2024. Schemes like 'Ujjwala' and 'Saubhagya' have transformed the lives of the people of the country," he said.

Pradhan also batted for bringing the aviation turbine fuel (ATF) and natural gas under the ambit of the Goods and Services Tax (GST).