OIL & GAS

India may see $206 bn investment in oil and gas in next 8-10 years

The country’s oil and natural gas sector is likely to see investment to the tune of $206 billion during the next eight to ten years.

With Prime Minister Narendra Modi addressing the top global executives at the India Energy Forum by CERA Week on Monday, it is expected he would further entice companies to promote an cor a self-reliant India. This when the domestic fuel market is recovering from the pandemic-driven decline.

The three-day forum will see participation from Dan Brouillette (US Secretary of Energy), Prince Abdulaziz (Minister of Energy of Saudi Arabia) and Sultan Ahmed Al Jaber (CEO of Abu Dhabi National Oil Company).

“The importance of such a global meet comes when you realise that the country is set to see such large investment this decade. This includes investments to the tune of $67 billion in gas infrastructure — LNG capacity increase, pipelines and CGD networks. Global players like Total, Exxon Mobil and Shell have shown their interests in this field” said a government official.

He indicated that put together Reliance-BP, ONGC and Oil India, exploration and production scenario would see investment of around $59 billlion. On the other hand, downstream segment, including marketing, refinery expansions and new refinery plans like Vizag, Barmer, Paradip and Ratnagiri may see another $80 billlion investments too in the sector.

The virtual event will also see participation from industry bigwigs like Igor Sechin (Chairman, Rosneft, Russia); Bernard Looney (CEO BP Plc, UK); Patrick Pouyanne (Chairman & CEO, Total S.A., France); Olivier Le Peuch (CEO, Schlumberger, USA); Mukesh Ambani (Chairman & MD, Reliance Industries) and Mohammad Sanusi Barkindo (Secretary General, Opec).

Source
business standard
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