India flagged the importance of the 'responsible price' of crude oil at the World Petroleum Congress (WPC) in Istanbul. Speaking at the event, Minster of State (Independent Charge) for Petroleum and Natural Gas, Dharmendra Pradhan 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 the rising middle-class of emerging Asian countries such as India will drive the demand for energy both in terms of electricity and cooking and transportation fuel. As incomes rise, the demand for petrochemicals, the raw material for several lifestyle products, will also increase. He said India’s energy consumption is expected to almost double by 2035.

Pradhan also tried to hardsell 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 targeted 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 was equivalent to only three days of India’s oil consumption,” he added.

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