New Delhi: MoS (IC) Ministry of Petroleum & Natural Gas Shri Dharmendra Pradhan 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’.
Addressing the plenary session, 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 centers and the changes that have taken place in these demand centres. As the security of supplies is an important factor for consumers, security of demand is equally important for producers.
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.
Later in the evening Sh Pradhan will launch an event on Hydrocarbon Exploration & Licensing Policy (HELP) as a part of process of promoting the upcoming oil & gas bidding rounds in India. The event will be attended by noted industry leaders like Mr Bob Dudley, Group CEO, BP; Mr Daniel Yergin Vice President IHS Markit; Mr Fatih Birol, Executive Director of IEA; Dr Sun Xianseng, Secretary General,IEF and many others.