Prime Minister Narendra Modi on Wednesday has 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 this 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 has praised the steps taken by the government towards improving energy access, energy affordability and energy security.
According to an official statement, the Prime Minister discussed in detail the reforms undertaken in the oil and gas sector in the last seven years, including the ones in exploration and licensing policy, gas marketing, policies on the coal bed methane, coal gasification, and the recent reform in Indian Gas Exchange.
Such reforms will continue with the goal to make India 'aatmanirbhar' in the oil and gas sector, he added.
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 recounted that since 2016, the suggestions provided in these meetings have been immensely useful in understanding the challenges faced by the oil and gas sector.
He further said India is a land of openness, optimism and opportunities and is brimming with new ideas, perspectives and innovation.
"He invited the CEOs and experts to partner with India in exploration and development of the oil and gas sector in India," the statement said.
The interaction was attended by industry leaders from across the world, including Rosneft CEO Igor Sechin, Saudi Aramco CEO Amin Nasser, BP CEO Bernard Looney, Reliance Industies 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.