India to invest $60 billion in gas infrastructure

NEW DELHI: Dharmendra Pradhan, Minister of Petroleum & Natural Gas in his opening remarks at the third International Think Tank Meeting (ITT) that India is investing over $60 billion in developing natural supply and distribution infrastructure as it chases the target of more than doubling the share of natural gas in its energy base to 15 per cent by 2030.

Natural gas currently constitutes 6.2 per cent of all energy consumption in the country. Pradhan said that the natural gas is gradually becoming a low carbon economy in India. The government is giving special push to improve gas infrastructure all across the country connecting north to south and east to west parts of India. CEOs of energy firms at the meeting stated that India would continue to increase consumption of fossil fuels in its energy mix, and there is an urgent need for an integrated energy policy cutting across all forms of energy.

“Our government is exploring strategic partnerships for overall development of oil and gas sector. The role of private sector – both domestic and from abroad, for bringing in investments with necessary innovations for future energy landscape in the country, will remain crucial,” said Pradhan.

Talking of key challenges confronting the energy sector, he said, “The foremost challenge of our time is the Energy Trilemma. It is about providing – sustainably, securely, and affordably-sufficient energy to our growing population.”