You are here: Home » Economy & Policy » News
Business Standard

PM Modi meets global oil executives, urges to boost local production

Modi listed the upstream oil and gas reforms undertaken in the last seven years

Topics
oil and gas | Narendra Modi | Rosneft

Twesh Mishra  |  New Delhi 

Technicians work at an oil rig manufactured by Megha Engineering and Infrastructures Limited (MEIL) at an Oil and Natural Gas Corp (ONGC) plant. (Photo: Reuters)
FILE PIC: Technicians work at an oil rig manufactured by Megha Engineering and Infrastructures Limited (MEIL) at an Oil and Natural Gas Corp (ONGC) plant. (Photo: Reuters)

India wants to increase domestic production after it has undertaken reforms in the sector to attract investment. This comes at a time when the country's crude oil import bill has zoomed over 3x, compared with 2020-21 when oil prices breached $85 per barrel.

Prime Minister on Wednesday met around 30 senior executives from global oil majors and urged them to boost India's local production.

An official statement said the interaction was attended by industry leaders, including Igor Ivanovich Sechin, chairman and chief executive officer (CEO), Rosneft, Amin H Nasser, president and CEO, Saudi Aramco, Bernard Looney, CEO, BP, Olivier Le Peuch, CEO, Schlumberger, Mukesh Ambani, chairman and managing director, Reliance Industries, and Anil Agarwal, chairman, Vedanta, among others.

Daniel Yergin, vice-chairman, IHS Markit, was among the global oil industry experts present at the interaction.

Modi listed the upstream reforms undertaken in the last seven years. An official statement said these included ones in exploration and licensing policy, gas marketing, policies on coalbed methane, coal gasification, and the recent reform in the Indian Gas Exchange.

He added that such reforms would continue with the goal to make India 'aatmanirbhar' in the sector.

Talking about the oil sector, he said the focus has shifted from ‘revenue’ to ‘production’ maximisation. He also spoke about the need to enhance storage facilities for crude oil. He further spoke about the rapidly growing natural gas demand in the country.

Modi also talked about the current and potential gas infrastructure development, including pipelines, city gas distribution, and liquefied natural gas regasification terminals.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, October 20 2021. 21:56 IST
RECOMMENDED FOR YOU
.