India hopes to attract around US$300 billion in investments in its energy sector in the coming decade, including in refineries, natural gas infrastructure and trade, and liquefied natural gas (LNG) facilities, India’s Petroleum Minister Dharmendra Pradhan said at an energy conference in Delhi recently.
India is looking to boost its natural gas use to cut carbon emissions and is rolling out city gas distribution networks, building several long gas pipelines and a number of LNG terminals, the minister said.
“As a next step, we would soon be setting up a gas trading hub that will allow easy and ready access to gas suppliers and buyers to freely trade natural gas and in turn help India to develop its own hub based pricing,” Pradhan told the conference.
India is also aware of its dwindling domestic oil and gas production and has amended its legislation for exploration and production to a revenue-sharing model and is opening its entire sedimentary basin to investors through open acreage licensing, the minister said.
