Modi takes cue from global energy experts on investment, new energy sources and pricing

To chalk out a vision for the energy sector, Prime Minister Narendra Modi today interacted with global oil and gas experts including BP global head Bob Dudley. 

The interaction, which lasted over two hours, also included union ministers Arun Jaitley, Piyush Goyal and Dharmendra Pradhan, Vice-Chairman NITI Aayog Arvind Panagariya, besides top officials from the Government and the NITI Aayog, said an official statement. The discussions focused on subjects such as increasing the share of gas in India's energy mix, fresh investment in oil and gas exploration in India, regulatory frameworks, international acquisition of oil and gas assets, emerging areas such as shale gas and coal-bed methane, and the oil and gas sector related possibilities of 'Make in India'. 

 

While the NDA government has cleaned up retail pricing issues in diesel and petrol, it is yet to come up with an investment friendly approach in the upstream oil and gas producing sector. 

On the power side, efforts are currently underway for restructuring loans of state government-owned power distribution companies through the UDAY scheme. Fifteen states, in principle, have agreed to be part of it while Jharkhand will formally sign a memorandum of understanding today.

Modi is also understood to have underscored the need for green energy. Modi emphasised his vision for a fresh look at the sector, to bring in investment, technological upgradation, and development of human resource. 

Later in the day, Panagariya is expected to host a dinner for the company heads. Goyal and Pradhan along with senior officials are expected to be present during the dinner.