India’s petroleum and natural gas minister has expressed confidence that the target of 10 percent reduction in import dependence for oil and gas will be achieved by 2022.
Dharmendra Pradhan told an energy conclave that natural gas will play a major role in achieving this target and pointed out to the various policy initiatives the government has already taken to unlock a large quantity of hydrocarbons.
The minister said that India’s energy consumption was increasing economic development required energy security.
He said gas was the future fuel and India was taking steps to boost exploration and production. The government was also working with state oil companies to bring in start-up fund for the oil & gas industry which would further boost innovative ideas in the sector.