Global oil and gas giants, including ExxonMobil, Saudi Aramco, and ADNOC, are exploring investments in India, Minister of Petroleum and Natural Gas Dharmendra Pradhan has said.
“Some of the major global investors are very interested. BP, Total, and Shell are already in India,” Pradhan said on Thursday during the virtual event CeraWEEK by IHS Markit. “We’re talking to ExxonMobil. Aramco and ADNOC are scouting their possibility in India.”
Pradhan said Indian Oil and Exxon Mobil will set up a joint venture firm under the MoU signed recently to develop LNG as a long-haul transport fuel.
“We have planned to spend around $143 billion on energy infrastructure. India is consciously moving towards a gas-based economy: more LNG terminals, more reformist policy for more domestic gas production, more pipelines, CGD networks, more fertiliser plant revival, and more refineries,” Pradhan said.
The Minister criticised OPEC for production cuts that have raised crude prices and increased pressure on the central government to reduce excise duties on petrol and diesel.