PM invites global CEOs to explore oil, gas in India .

Prime Minister Narendra Modi on Wednesday rolled out the red carpet for global oil and gas giants and invited them to come and explore for oil and natural gas in India ‎as he detailed the reforms taken by his government in the sector.

In his annual interaction with CEOs and experts of global oil and gas sector, he said the aim is to make India ‘aatmanirbhar’ or self-reliant in the oil and gas sector. Industry leaders praised the steps taken by the government towards improving energy access, energy affordability and energy security‎.

Talking about exploration and production . Modi said the focus has shifted from ‘revenue’ to ‘production’ maximisation . The Prime Minister also spoke about the need to enhance storage facilities for crude oil .

Talking about the rapidly growing natural gas demand in the country , he said outlined the current and potential gas infrastructure development , including pipelines , city gas distribution and LNG regasification terminals.

He further said that India is a land of openness , optimism and opportunities and is brimming with new ideas, perspective and innovation . The interaction was attended by industry leaders from across the world , including Rosneft CEO Igor Sechin , Saudi Armaco CEO Amin Naseer , BP CEO Bernard Looney , Relience Industries head Mukesh Ambani and Vedanta boss Anil Agarwal .

”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,” it added.

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