India's oil and natural gas sector is likely to receive fresh investment of over $300 billion by 2030 for developing natural supply and distribution infrastructure to meet rising demand. The government aims to more than double the share of natural gas in its energy base to 15 per cent by 2030.
With the Prime Minister Narendra Modi inaugurating the annual India Energy Forum by CERA Week today, India will make a strong pitch to global oil and gas companies to invest in the energy sector to realise the full potential of the Atma Nirbhar Bharat mission.
PM Modi is scheduled to interact with CEOs of leading global oil and gas companies in the annual event organised by NITI Aayog and Ministry of Petroleum and Natural Gas at 6.00 PM IST today via video conferencing. Around 45 CEOs of major oil and gas companies will attend the event which is being hosted by IHS Markit, a pioneer in critical information, analytics and solutions.
"The annual interaction has gradually become one of the most important gatherings of not only intellectual debate but also of executive action. The event also grows in stature with the rise of India, the world's third-largest energy consumer, which is likely to see over $300 billion investment by 2030 in the oil and gas sector to meet rising demand," according to a statement issued by the Prime Minister's Office (PMO).
The objective behind the meeting is to deliver a global platform to understand best-practices, discuss reforms, and inform strategies for accelerating investments into the Indian oil and gas value chain. The event will convene an international group of speakers and a community of over a thousand delegates from India and over 30 countries, including from regional energy companies, energy-related industries, institutions and governments.
India is an important player in the global oil and gas sector being the third largest consumer of crude oil and the fourth largest LNG importer. Realising the need for India to graduate from a passive consumer to an active and vocal stakeholder in the global oil and gas value chain, NITI Aayog has initiated the first roundtable of global oil and gas CEOs with the Prime Minister of India in 2016.