India: Energy minister calls for E&P resurgence

India Energy minister calls for E&P resurgence

India’s petroleum minister Shri Dharmendra Pradhan has called for a “resurgence” in the exploration and production sector in India.

Speaking at an industry conference on Friday he said India is the fastest growing major economy in the world today.

He said: “IMF has assessed India’s GDP growth rate at 7.3% this year & 7.6% in 2016. Similarly, India’s energy consumption in 2014 witnessed an increase of 7.1% over that of 2013, which is the highest in the world.”

Quoting India Energy Report, recently brought out by the International Energy Agency, Shri Pradhan said that by 2040, India’s energy demand will be close to that of the United States, even though demand per capita will still remain 40% below the world average. The IEA report also projects that India’s oil import dependence will increase above 90% by 2040.

Keeping in view these statistics, the minister asked to revisit India’s upstream hydrocarbon statistics: “For the past 3 years, our domestic crude production has remained static at around 37-38 Million Metric Tons. If we look at domestic natural gas output, we find that the production has actually declined from 111 MMSCMD in 2012-13 to 92 MMSCMD in 2014-15”, he said.

Shri Pradhan said in this context, therefore, the upstream E&P sector is a key component of national energy security.

Share this article

Follow Offshore Energy Today

Posted on December 4, 2015 with tags .

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply