Investments In Upstream Sector To Continue In India

Amar Nath, Additional Secretary (E&CVO), Ministry of Petroleum & Natural Gas, Govt of India has asserted that investments in oil sector especially upstream is necessary and will continue in India. Upstream companies have the opportunity to transform itself and contribute to the growth of the nation as well as sustainability of the climate, he added. Addressing the webinar 'Upstream Oil & Gas Industry in India - The Way Ahead', organized by FICCI, Nath stated that industry must also focus on reducing carbon emissions by adopting Scope 1 & 2 emissions and make the upstream companies carbon neutral. He emphasized that India's import bill is huge, and effects the entire economy. The need for oil and gas will continue in India for at least 20 years. Upstream industry, he said will have tremendous pressure on them and more will come from the renewable energy sector. To mitigate this challenge, CCUS (Carbon Capture, Utilisation and Storage) is one of the key areas to focus on. The country has the capacity to develop this technology, scale-up and not only decarbonize the economy but help in overall carbon reduction.

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