News Cubic Studio

Truth and Reality

Modi invites oil and gas companies to become partners in exploration and development

Prime Minister Narendra Modi has invited global companies in the oil and gas sector to become partners in India’s exploration and development, citing making the country self-reliant in the oil and gas sector.

In a virtual meeting with the Presidents and CEOs of leading global companies as well as experts this evening, Shri Modi appealed to them to become partners in the development of the country and self-reliant India. He also apprised about the reforms made in the field of oil and gas in the last seven years and said that the reforms that have been done are aimed at making India self-reliant in the field of oil and gas.

He said that now the focus has been shifted from revenue to maximum production in this sector. Emphasizing on the need to increase the storage capacity of crude oil, he said that the demand for natural gas is increasing continuously in the country. He also mentioned the current and potential gas infrastructure developments.
This is the sixth such annual interaction, which started in the year 2016. He described India as open, optimistic and a country with immense potential and said that there is a need for new ideas, possibilities and innovation in this field. He also invited the leaders of global companies to become partners in exploration and development in the country’s oil and gas sector.

Union Finance Minister Nirmala Sitharaman, Petroleum Minister Hardeep Singh Puri as well as Vice Chairman of NITI Aayog Rajiv Kumar also participated in this meeting.

This included Mukesh Ambani, chairman of Reliance Industries, Anil Agarwal, chairman of Vedanta Ltd., Igor Sechin, chairman of Russian company Rosneft, Amin Nasir, chairman of Saudi Aramco, a Saudi Arabian company, Bernard Looney, CEO of British Petroleum, Oliver Ley, CEO of American company Schlumberger Ltd. and Honeywell UOP President Brian Glover as well as experts participated.

The leaders of the oil and gas sector lauded the achievements of the government in the areas of energy access, affordable and energy security. He said that India is rapidly adopting clean energy technology and this country can play an important role in the global energy supply chain.