New Delhi (NVI): With India’s share in total global primary energy demand set to double by 2040, development of India’s energy infrastructure will involve huge investments in oil and gas infrastructure of more than 100 billion dollars, the Lok Sabha was informed today.
In a written reply to a question, Minister for Petroleum and Natural Gas Dharmendra Pradhan said, “India is the third largest energy as well as crude oil consumer in the world. Increasing prosperity, higher living standards and burgeoning middle class are driving the energy demand”.
According to the BP Energy Outlook, 2019, the gas consumption of India in 2040 is estimated to be 185 billion cubic meters, the Minister said.
To meet the increased requirement of hydrocarbon fuel, the major strategies adopted include, attracting investment in E&P to enhance domestic oil and gas production, shifting to gas based economy, technological upgradation to meet refinery processes, energy efficiency and productivity, accelerating bio-fuel economy, expanding overseas oil and gas portfolio, diversifying oil and gas supply sources, driving infrastructure spending in oil and gas sector etc.
Important sectors having thousands of crores of investment potential include, oil and gas exploration and production, gas pipelines infrastructure for connecting national gas grid, city gas distribution networks in the newly authorised geographical areas, LNG terminals, compressed bio-gas plants, capacity addition of refineries, fertiliser plants, petro-chemical parks and ancillary industries and CNG auto sector, he further informed.
-sb
