India will see a massive USD 100 billion investment in creating oil and gas infrastructure over the next five years as the world's third-largest energy consumer steps up spending to meet rising demand.
Speaking at KPMG's Enrich 2019 conference, he said India will chart its own course of energy transition in a responsible manner even as it is said to be a key driver of global energy demand in the coming decades.
"India will see an investment of USD 100 billion by 2024 in oil refining, pipelines, city gas distribution networks, and LNG terminals," he said.
Of this, USD 60 billion will flow into the creation of gas infrastructures such as pipelines, city gas networks, and import terminals, he said.
He said the country wants more foreign investment inflow into upstream oil and gas exploration and production as well as downstream fuel marketing and petrochemicals.
India will secure capital, world-class technology and implement any policy reforms needed to become an international energy leader, he said. "India wants to be the new destination for global energy players."
"In India, we are finding ways to achieve the twin objectives of more energy and less carbon through a healthy mix of all commercially-viable energy sources. India will chart its own course of the energy transition in a responsible manner."
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