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India's energy consumption to nearly triple by 2040: Pradhan
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SME Times News Bureau | 13 Nov, 2018
India's energy consumption, already the third-highest in the world, is
likely to grow at more than four per cent annually and will nearly
triple to 607 million metric tonnes by 2040, Petroleum Minister
Dharmendra Pradhan said in Abu Dhabi.
Pradhan said India has
"several bright prospects in upstream oil and gas sector", as he invited
overseas investors to participate in the exploration and production of
oil and gas, the Ministry of Petroleum and Natural Gas said in a
statement on Tuesday.
Speaking at a roadshow for Discovered Small
Field-II bids in Abu Dhabi on Monday, Pradhan said the country accords
high priority to a gas-based and clean economy, and is planning to more
than double the share of natural gas in the energy mix to 15 per cent.
"...
in the last four years, we have made giant strides in oil and gas
sector. However, the best is yet to come. No country, international
organization or company alone can go far without partnership and
collaboration," Pradhan said.
He said the government has taken
steps to overhaul the policy framework encompassing the entire energy
value chain to ensure energy security for the country. One of the most
important areas of focus to ensure energy security is the E&P
sector.
The government has also brought about other policy
reforms like coal-bed methane policy, incentivise enhanced recovery to
raise output of oil and gas from matured fields, and exploration and
exploitation of unconventional hydrocarbon from all fields, he said.
"Energy
consumption in India in the past decade has increased at a compound
annual growth rate of more than 5 per cent. In future too, energy
consumption in India is expected to rise by more than 4 per cent
annually.
"Globally, majority of the growth in energy demand is
going to come from India. Our oil and gas demand is expected to increase
nearly threefold from 229 million metric tonnes currently to 607
million metric tonens in 2040," Pradhan said.
Though natural gas
forms a relatively small share of India's energy mix currently, the
country intends to create a robust natural gas trading hub and the
process to formalise the concept has already been initiated by the
government, he said.
"Gas infrastructure projects of over 8
billion US dollars are under implementation across the country. We aim
to increase the share of natural gas in the energy mix from the current
6.5 per cent to 15 per cent by 2022," he said.
Further, he said
that a National Data Repository, a database of all geo-scientific data
of hydrocarbon resources in the country, has been set up to provide
ready access to interested companies.
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