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US oil and gas companies invited to invest in India

Thursday, 16 Jul 2020
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Union Petroleum Minister Dharmendra Pradhan has invited US companies and investors to engage and invest in India, ahead of the second ministerial meeting of India and the US Strategic Energy Partnership. 
 
The country will see an investment of over USD 118 billion in the oil and gas sector over the next five years. 
 
The country is preparing to meet the needs of a fast-growing economy; hence the nation is striving for setting up oil and gas exploration facilities and natural gas infrastructure, including development of gas supply and distribution networks. 
 
The Union Petroleum Minister highlighted several upcoming new opportunities in the field of LNG bunkering, LNG ISO container development, petrochemicals, bio-fuels, and Compressed Bio-Gas in the Indian energy sector. 
 
He further invited greater participation from the US companies during the next Open Acreage Licensing Programme (OALP) and Discovered Small Fields (DSF) bid rounds. 
 
Also, in an effort to turn India into a gas-based economy, the Cabinet recently approved the capital grant as viability gap funding to Indradhanush Gas Grid for setting up the North-East Natural Gas Pipeline Grid. 
 
The government had announced the plan to raise the share of natural gas in the country’s primary energy mix to 15 percent by 2030 from the current level of six percent.

 

 
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