Prime Minister Narendra Modi sees some extent of further reforms in the nation’s oil and gas sector and has also received some suggestions from the world’s ranking energy companies according to an official statement.
Top executives from global oil and gas companies including Rosneft, BP, ExxonMobil, Saudi Aramco, Royal Dutch Shell, Vedanta, Reliance industries as well as leading service providers like Schlumberger and Halliburton met PM on Monday in N. Delhi as they all united for the three – day India Energy Forum.
As per the statement launched after the meeting “Participants appreciated the pace and drive with which Narendra Modi has brought about reform in the energy sector.”
In the meeting, Modi was thankful to Russian President Vladimir Putin and Rosneft for extending their support to India’s Energy Sector. The two leaders were very helpful in sealing Rosneft’s $12.9 billion acquisition of the debt-ridden Essar Oil, thereby strengthening ties among the world’s largest oil producer and the fastest – growing consumer.
Prime Minister Modi quoted that several suggestions at the meeting in the year 2016 have guided Indian Policy Making and he appreciated the suggestions made this year.
Also, Petroleum Minister Dharmendra Pradhan informed about oil companies that liberalized India offers USD 300 billion investment opportunity in the upcoming10 years in oil and gas sector. According to him, in last 40 months government has framed several policies in energy sector so as to fulfil Prime Minister’s vision for energy access, efficiency, sustainability and security.