India will see a $100 billion investment in creating oil and gas infrastructure over the next five years as the world’s third-largest energy consumer steps up spending to meet rising demand.
Speaking at KPMG‘s Enrich 2019 conference, Dharmendra Pradhan, minister for petroleum said, “India will secure capital, world-class technology, and implement any policy reforms needed to become an international energy leader. India wants to be the new destination for global energy players.”
Several reforms including opening up of fuel retailing to non-oil companies and overhaul of exploration licensing policy are aimed at attracting investments, he said. The country wants more foreign investment inflow into upstream oil and gas exploration and production, as well as downstream fuel marketing and petrochemicals, Pradhan added.
“In India, we are finding ways to achieve the twin objectives of more energy and less carbon through a healthy mix of all commercially-viable energy sources. India will chart its own course of the energy transition in a responsible manner,” the minister noted.
