Narendra Modi Finds Scope for Further Reforms in the Country’s Oil and Gas Sector

Prime Minister Narendra Modi said that the government is working for further reforms in century’s energy sector and has conducted the meeting with some of the world’s top leading energy companies. The companies including, BP Plc. of the UK, Exxon Mobil, Royal Dutch Shell, Russia’s Rosneft, and Saudi Aramco were giving the focused suggestions to the Modi’s governments in a three-hour meeting at Delhi.

The Modi’s government is focusing on using India’s market size, as the world’s third biggest oil consumer. Their target is to hit better deals for oil imports and attract investors into the country’s exploration and refining sectors.

The Prime Minister’s office stated after the meeting that various subjects such as contract frameworks and arrangements, encouragement for biofuels, need for a unified energy policy, requirement of seismic data sets, improvement for gas supply, regulatory, and setting up of a gas hub discussed in the meeting.

PM found scope for reforms in many areas and he is looking forward to many opportunities for cooperation between India and Saudi Arabia, as it is the second biggest oil exporter to the country following Iraq.

Modi expressed appreciation to Russian President Vladimir Putin and Rosneft during the meeting for their support to India’s energy sector.

Modi said, “We want investors, both domestic and global, who can bring in the best technology and capital.” Their government is preparing to set up a gas trading exchange and the open access to the gas grid.

Other Indian company’s CMD including ONGC, GAIL, Bharat Petroleum, Oil India, Hindustan Petroleum, and Indian Oil also attended the meeting.


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