The Minister of State (I/C) for Petroleum and Natural Gas Shri Dharmendra Pradhan has stressed upon the need of new approach for energy security. Addressing the India Oil and Gas Summit 2015 in New Delhi, he said that lifting the sanctions on Iran is good news for India and both the countries will benefit from that. Shri Pradhan mentioned, green and clean energy is the need of the hour. Therefore, energy basket should move towards clean energy.
The Minister said that the sector has been steadily redefining production possibilities. Technological innovation has made it possible to extract fossil fuels that weren’t accessible just a decade or two ago. Shri Pradhan said there’s no disputing the fundamental role innovation has played in the oil and gas industry. However more needs to be done in terms of Research and Development to bring in more innovation.
India is the World’s fourth-largest energy consumer. It is esteemed that India’s energy demand is expected to double to 1,464 Mt by 2035 from 559 Mt in 2011. Moreover, the country’s share in global primary energy consumption would increase twofold by 2035. India is the 2nd largest refiner in Asia and the 4th largest consumer of crude oil and petroleum products in the world. These and several other issues related to the Oil and Gas industry were discussed today by Industry leaders in the “INDIA OIL & GAS SUMMIT 2015” organized by Indian Chamber of Commerce (ICC).