Indian Energy Firms Should Expand Globally: Indian PM Modi
Indian energy firms should expand their footprint globally and must take the opportunity to tie up with their foreign counterparts to explore more oil and natural gas, Indian prime minister Narendra Modi said at Petrotech 2016 December 5.
Modi added that Indian oil companies must become multinational and must tap into India-Middle east, India-Central Asia and India-South Asia energy corridors. In recent months, Indian state owned firms have closed a number of deals to acquire oil and gas assets in Russia. Companies such as Indian Oil Corporation, Bharat Petroleum, OVL also own energy assets in Mozambqiue, Australia, Brazil and Canada.
Indian PM Narendra Modi speaking at Petrotech 2016 (Credit: Petrotech)
Modi stressed the fact that natural gas is the next generation fossil fuel because it is cheaper and less polluting. “We have given priority to move towards a gas based economy. Effort must be made to increase natural gas production while also creating import infrastructure to meet the growing domestic demand. Natural gas will also have a balancing role to play as India’s renewable energy production rises. To provide balance and peaking power, gas based power will be critical.”
Shardul Sharma