PIB| 12 July2017
The government of India has introduced a “world class” policy to provide licence for exploration of hydrocarbons, said Petroleum Minister Dharmendra Pradhan as he offered “red carpet welcome” to global bidders to India. The policy-Hydrocarbon Exploration Licencing Policy, called HELP is modern, progressive and investor friendly said the Minister.
Mr. Pradhan also said that by bringing in reforms in the gas market India is providing a gas trading hub to the traders to sell their gas.” I encourage you all to take the first mover advantage” said the Minister through his address at the 22nd world petroleum congress in Istanbul.
At the world petroleum congress the Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan on Wednesday chaired a Ministerial Session on the subject “Current Economic Strategies in Indian Oil & Gas Sector”.
He also chaired a Plenary Session on ‘Supply and Demand Challenges for Oil, Gas and Products’.
, Shri Pradhan said that rising middle class of emerging Asian countries like India will drive the demand for energy both in terms of electricity and cooking and transportation fuel. As incomes rise, demand for petrochemicals the raw materials for several of the lifestyle products will also increase. Giving example of India he said that the energy consumption is expected to grow to almost double by 2035. India is the only country where the demand will continue to rise for more than a decade.
He flagged the importance of “Responsible Price” for crude oil for countries like India which would allow it to provide energy to the common people. He underlined that in today’s oversupplied market, it is important for producers to understand the perspective of consumers and demand centres and the changes that have taken place in these demand centres.
Shri Pradhan held bilateral talks with Turkish Energy Minister Mr Berat Albayrak during which issues of bilateral energy cooperation including in renewable energy were discussed. The two Ministers agreed that they need to work together on few concrete projects in coming period in areas like E&P and downstream sectors. They also agreed to work together in third countries.