Import dependence in Oil & Gas will be reduced by 10%, says the Petroleum Minister

Government taking steps to boost gas exploration and production

The Minister of State (Independent Charge) for Petroleum & Natural Gas Shri Dharmendra Pradhan has expressed the confidence that the target of 10% reduction in import dependence in Oil & Gas will be achieved by 2022. Speaking at a function on Natural Gas Conclave in New Delhi today, he said that natural gas will play a major role in achieving this target. Shri Pradhan said that the Government has already taken a number of policy initiatives in the sector which would unlock a large quantity of hydrocarbons.

The Minister said that India is a growth story, its energy consumption is increasing and without energy security, there can be no development. He said gas is the future fuel and India is taking steps to boost exploration and production. He said the Government is working with Public Sector Oil Companies to bring in Start-Up Fund for oil & gas industry which would further boost the innovative ideas in the sector.

Shri Dharmendra Pradhan said that the country is committed to reduce the carbon footprint by 30-35% by the year 2030. In this regard, the Government is promoting the use of clean fuel like natural gas. He said the sector has to be developed through participation by all these stakeholders. He called upon PNGRB to play a lead role in the expansion of gas network in the country. The Minister said the Government is committed to the balanced growth and for this purpose new pipelines are being laid in the Eastern India which will boost the availability of gas in the under-developed parts of the country.

Speaking on the occasion, Secretary, (Petroleum & Natural Gas) Shri K.D. Tripathi said India's economy is growing and there are ample opportunities to be seized. He called upon all these Stakeholders to contribute and ensure sustainable gas at a affordable rates.

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