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PM Narendra Modi Says 'Oil & Gas Continue to Play an Important Role in Energy Security'

February 07, 2023. By News Bureau

Oil & Gas sector will continue to play an important role in meeting India’s growing energy demand, even as the country has charted out a roadmap towards creating clean energy generation infrastructure. In order to meet the growing aspirations of crores of people who now form the ‘middle class’, we will require unhindered oil and gas supplies, Prime Minister Narendra Modi said while inaugurating the India Energy Week (IEW) 2023.

When we talk about energy security, essentially from the perspective of countries that are not oil producers, and are heavily dependent on imports, it means availability, predictability, stability and affordability of oil and gas. In a large democracy like ours where 60 million people go to petrol pumps every morning to fill up, where 5 million barrels of crude is consumed in a day, energy security is very important, said Union Minister for Petroleum & Natural Gas, and Housing & Urban Affairs, Hardeep Singh Puri.

The government has also lifted No-Go restrictions thereby making 10 lakh square kilometre area available for Exploration & Production, Puri said. “By doing so, we want international players with expertise in Exploration and Production to come to India and help increase in-house oil production. The government is creating new opportunities for investment and collaboration in the energy sector of India,” he said.

Speaking at the session ‘Prices & Supply volatility addressing global energy security need’, Secretary General, OPEC, Haitham Al Ghais said Oil exploration and production sector requires about 12 trillion-dollar investment by 2045.

“At OPEC, we strongly believe that this investment is required to ensure energy security for all. The sector has suffered chronic under-investment in the last few years and its production has fallen by about 6 percent, forgetting about growth to meet increasing global demand,” the OPEC Secretary General added.

He said the Organisation of the Petroleum Exporting Countries is in favour of transition and cleaner energy switching but said the issue here is not about the source. But it is about emission. “We all need to work together to reduce the emission so that there is energy security for all,” Haitham Al Ghais said.

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