Mumbai: With the $140 billion oil and gas industry in India slated to grow at five percent per annum, a major part of the 3.14 million square km area of the country’s reserves remain unexplored, Petroleum and Natural Gas Minister Dharmendra Pradhan said here on Monday.
According to the International Energy Agency’s forecast, India’s oil and gas demand will more than double by 2040 and will be close to that of the US, he said.
This would require state-of-the-art technology in the upstream sector for exploring and producing oil and gas from difficult areas like deep water, ultra-deep water, high pressures and high temperature areas in the country, Pradhan said.
“In the refining side, focus on high capacity, efficient processes, product improvement coupled with lowering processing costs shall be required to enhance domestic production of oil and gas,” Pradhan said at a ‘Make In India Week’ seminar.
He assured that the government was committed towards creating a conducive business environment through better policies and investment opportunities and the hydrocarbon sector has been identified as one of the 25 priority areas for promotion of manufacturing under the ‘Make In India’ initiative.
All the major oil manufacturing companies have showcased their investments being planned for boosting manufacturing activity in the country and several innovative business proposals, investment opportunities, expansion plans of Indian refineries were discussed by captains of the industry, government and industry officials.