Home Energy services India urges global companies to join energy transition journey, Energy News, ET EnergyWorld

India urges global companies to join energy transition journey, Energy News, ET EnergyWorld

0


Hardeep Singh Puri, Indian Minister of Oil and Natural Gas.

Dubai: India called on global companies to invest in its energy transition and work with it to achieve its vision of expanding the green footprint in addition to doubling the share of natural gas in the country’s energy basket.

Speaking virtually to investors on a roadshow Saturday ahead of the 11th round of tender for Town Gas Distribution (CGD), Union Minister of Oil and Natural Gas Hardeep Singh Puri, said demand for natural gas in India has increased from the past. .

“Growing Industry CGD presents natural gas as a responsible alternative to its more polluting fossil counterparts,” he told investors gathered at the Indian pavilion at EXPO2020 Dubai.

“When the NDA government took office in 2014, only 34 geographic areas covering 9% of the population and 2.7% of the geographic area of ​​India were covered by CGD networks and at the end of the 11th round, 96% of the country’s population and 86% of its geographic area would be covered by the CGD network. The expected investment due to the concluded CGD tenders approaches a total of 1.2 lakh crore rupees, ”he said.

Tarun Kapoor, Secretary, Oil and Natural Gas, called on the private sector to invest in the oil and gas sector as there are huge business opportunities.

“We want the private sector to come largely to join India’s oil and gas sector. So far the public sector is leading, probably playing the very important role, but now we want more and more. more private sector companies join them, ”he said in a keynote address.

“Although some of the companies have already invested in town gas distribution, we want new companies to enter as well, because the business opportunity is huge. And we want the distribution networks to develop very quickly in India,” Kapoor said.

Speaking about the upstream industry, he said: “India has not yet fully explored its oil and gas reserves, and as we move forward and start to explore more and more. of zones, we will certainly have more discoveries.

The latest tender will feature 65 geographic areas spread across 19 states and one Union territory, which would cover around 25 percent of India’s population.

“Natural gas is the future, and it will be the most important component of India’s energy mix to achieve our vision of net-zero by 2070,” said Shrikant Madhav Vaidya, President of Indian Oil Corporation Ltd. (IOCL).

Manoj Jain, Chairman and CEO of Gas Authority of India Ltd. (GAIL), said, “GAIL was a pioneer of CGD in India and we are currently operating in 62 geographies. We are committed to covering the whole of India with pipelines, including J&K, soon. ”

SCL Das, Director General, Directorate General for Hydrocarbons; Gajendra Singh, member, PNGRB; Suresh Manglani, CEO of Adani Gas Ltd, as well as various CGD actors from the public and private sectors, also attended the tender.

India is currently the third largest consumer of primary energy after China and the United States, and is one of the fastest growing energy consumers in the world. The country aims to increase the share of natural gas in its energy basket from 7.6% to 15% by 2030.