Prime Minister Narendra Modi invited the CEOs and experts to partner with India in exploration and development of the oil and gas sector in India.

The Prime Minister discussed in detail the reforms undertaken in the oil and gas sector in the last seven years, including the ones in exploration and licensing policy, gas marketing, policies on coal bed methane, coal gasification, and the recent reform in Indian Gas Exchange, adding that such reforms will continue with the goal to make India ‘Aatmanirbhar in the oil & gas sector’.

Talking about the oil sector, he said that the focus has shifted from ‘revenue’ to ‘production’ maximization. He also spoke about the need to enhance storage facilities for crude oil.

He further talked about the rapidly growing natural gas demand in the country. He talked about the current and potential gas infrastructure development including pipelines, city gas distribution, and LNG regasification terminals.

The CEOs and experts praised several recent achievements of the government towards improving energy access, energy affordability and energy security. The industry appreciated the leadership of the Prime Minister towards the transition to cleaner energy in India, through visionary and ambitious goals.

They said that India is adapting fast to newer forms of clean energy technology, and can play a significant role in shaping global energy supply chains. They talked about ensuring sustainable and equitable energy transition, and also gave their inputs and suggestions about further promotion of clean growth and sustainability.

The interaction was attended by industry leaders from across the world, including Dr. Igor Sechin, Chairman & CEO, Rosneft; Amin Nasser, President & CEO, Saudi Aramco; Bernard Looney, CEO, British Petroleum; Dr. Daniel Yergin, Vice Chairman, IHS Markit; Olivier Le Peuch, CEO, Schlumberger Limited; Mukesh Ambani, Chairman & Managing Director, Reliance Industries Limited; Anil Agarwal, Chairman, Vedanta Limited; and others.