PM’s Interaction with Global Oil and Gas Experts

In midst of all the progressive policy interventions, since the last meeting on January 5, 2016, and the last three years, a second brainstorming session held on October 9, 2017 between Hon’ble Prime Minister and global Oil and Gas CEOs and Experts. The meeting was joined by CEOs and officials from Rosneft, BP, Reliance, Saudi Aramco, Exxon Mobil, Royal Dutch Shell, Vedanta, Wood MacKenzie, IHS Markit, Schlumberger, Halliburton, Xcoal, ONGC, IndianOil, GAIL, Petronet LNG, Oil India, HPCL, Delonex Energy, NIPFP, International Gas Union, World Bank, and International Energy Agency. Also, Union Ministers Shri Dharmendra Pradhan, and Shri R. K. Singh, and senior officials from NITI Aayog, PMO, Petroleum Ministry and Finance Ministry were present to discuss the possibilities of domestic E&P investments, gas infrastructure, supply security, energy access to Eastern India and attracting FDI and technical expertise in the Oil and Gas sector.NITI Aayog who took the responsibility for coordinating the high-level meeting, in its opening remarks presented the current scenario and opportunities of the sector. Shri Dharmendra Pradhan and Shri Rajiv Kumar, Vice Chairman NITI Aayog also highlighted the list of measures taken pertaining to gas prices, ease of doing business, transparent licensing policy, electrification and LPG expansion etc. Encouraged by the PM’s assurance for a conducive framework for investment, the companies promised to invest in the oil and gas sector but with certain requisite changes – open access regime for pipelines with a tariff board, a gas exchange for determining the market prices apart from GST, bringing oil and gas under GST regime etc. Although the status of the energy sector in India is highly uneven, the Prime Minister welcomed the suggestions made by the entities on unified energy policy, encouragement of biofuels, innovation, and research etc. The Prime Minister indicated that India’s effort to become a cleaner and energy efficient economy, reaped benefits should be made available across all sections of the society.

Presentation – NITI