Comments
India flagged the importance of “responsible price” of crude oil at the World Petroleum Congress (WPC) in Istanbul.
Speaking at the event, Dharmendra Pradhan, Minster of State (Independent Charge) for Petroleum and Natural Gas, said, “In today’s oversupplied market, it is important for producers to understand the perspective of consumers and demand centres and the changes that have taken place in these demand centres. As the security of supplies is an important factor for consumers, security of demand is equally important for producers.”
Pradhan said that rising middle class of emerging Asian countries like India will drive the demand for energy both in terms of electricity and cooking and transportation fuel.
As incomes rise, demand for petrochemicals — the raw materials for several of the lifestyle products — will also increase. He stated that India’s energy consumption is expected to almost double by 2035.
Pradhan also tried to hard sell the new hydrocarbon exploration policy. He said, “We have opened up 2.8 million sq. km of area for your investment, and I extend the commitment of the Government of Prime Minister Narendra Modi that you will receive a red carpet welcome if you decide to invest in it.”
He also reiterated that Prime Minister Modi has given a target of reducing import dependence by 10 per cent by 2022.
Pradhan noted that the New Exploration Licensing Policy (NELP) rounds had several deficiencies. “The total production of oil and gas from NELP blocks awarded in nine rounds is equivalent to only three days of India’s oil consumption,” he added.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.