Tatsat Chronicle Magazine

PM Modi to interact with global business leaders from oil and gas sector

October 21, 2021

Prime Minister Shri Narendra Modi had a video conference with CEOs and experts from the global oil and gas industry earlier today

The Prime Minister Modi went into great detail about the oil and gas reforms that have taken place in the last seven years, including those in exploration and licencing policy, gas marketing, policies on coal bed methane, coal gasification, and the recent reform of the Indian Gas Exchange, saying that such reforms will continue with the goal of making India a ‘Aatmanirbhar in the oil and gas sector.’ In the oil industry, he stated that the focus has switched from revenue maximisation to production maximisation. He also mentioned the importance of improving crude oil storage facilities. He went on to discuss the country’s fast increasing natural gas demand.

He discussed the existing and future development of gas infrastructure, such as pipelines, city gas distribution, and LNG regasification ports. Since 2016, the Prime Minister said, the proposals made at these sessions have been extremely helpful in gaining a better understanding of the difficulties facing the oil and gas industry. He described India as a country full of openness, hope, and opportunities, as well as new ideas, viewpoints, and creativity. He asked CEOs and experts to collaborate with India in the discovery and development of the country’s oil and gas sector.

Dr. Igor Sechin, Chairman and CEO of Rosneft; Mr. Amin Nasser, President and CEO of Saudi Aramco; Mr. Bernard Looney, CEO of British Petroleum; Dr. Daniel Yergin, Vice Chairman of IHS Markit; Mr. Olivier Le Peuch, CEO of Schlumberger Limited; Mr. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited; Mr. Anil Agarwal, Chairman of Vedanta. They lauded the government’s recent accomplishments in terms of boosting energy access, affordability, and security. They praised Prime Minister Narendra Modi’s imaginative and ambitious aims in leading India’s transition to cleaner energy. According to them, India is quickly adopting to emerging forms of clean energy technologies and has the potential to shape global energy supply chains.