Thursday, February 22, 2024

India will become the king of energy sector, PM Modi discussed the master plan

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Prime Minister Narendra Modi

Prime Minister Narendra Modi held a meeting with top level officials of oil and gas companies on Tuesday and informed about the opportunities available in India, the world’s fastest growing economy, and the steps taken towards exploration and production. Prime Minister Modi met about 20 top level executives of leading energy companies from ExxonMobil and BP to Qatar Energy and Total Energies and discussed with them the opportunities to invest in the energy sector.

This is how India is meeting 85% of its needs.

During this, the Prime Minister also mentioned about providing licensing for the recently started investigation to find global giants to invest in oil and gas exploration and production in India. According to media reports, Modi talked about the reforms done at the government level in the oil and gas sector. It also mentioned adopting investigation centered bidding instead of revenue based bidding for oil and gas fields.

India, the world’s third largest energy consumer, fulfills 85 percent of its needs through imports, but the government wants to increase domestic production to reduce these imports. Vedanta Chairman Anil Agarwal along with senior officials of Reliance Industries Limited were also present in the meeting. He said that all the people associated with the oil and gas industry were present there. During this, the CEO of each company presented his views in front of the PM.

Vedanta chairman said a big thing

Vedanta Chairman said that India is the best place to invest globally. Recent reforms have further made it attractive for major global companies to invest in exploration and production in India. Modi has also been using Indian Energy Week (IEW), along with its earlier form CERAWeek, to hold brainstorming meetings with global oil and gas experts and CEOs. He has held more than half a dozen such meetings.

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