India looks to bag massive deals at Petrotech meet
What's the story
The Petrotech global conference commenced in New Delhi today and was inaugurated by Prime Minister Narendra Modi.
From over fifty countries, energy ministers as well as key industry executives are expected to attend the conference.
India has been emerging as a crucial destination for global oil and gas companies to explore long-term business opportunities given its consistently growing energy demands.
About
The Petrotech Exhibition and Conference
The Petrotech 2016 Exhibition in Delhi commences on December 4 and is spread over 15,000 square metres in Pragati Maidan; 600 exhibitors are expected to participate.
The Petrotech conference commences on December 5; 6000 delegates from 68 countries and 20 ministerial delegations are expected to be in attendance.
The theme of the Petrotech conference is "Hydrocarbons to fuel the future - Choices & Challenges".
Background
India's energy needs
India, the world's third largest energy consumer, currently imports 81% of of its oil requirements and 37% of its gas requirements.
The country's transition towards becoming a gas-based economy has prompted interest from investors across the globe.
With respect to India's oil consumption, it is expected to increase tremendously; by 2040 India will consume more oil than all of Europe.
Information
Goals in the energy sector
The Indian Government aims to provide electricity to all by March 2018, piped natural gas connections to 10 million and increase pipeline network to 30,000 km within 5 years. It also aims to reduce oil imports by 10 per cent by 2022.
Quote
PM Modi's statement at Petrotech
Extract: "Energy sustainability, for me, is a sacred duty. Energy in general and hydrocarbons in particular are an important part of my vision for India's future. As a responsible global citizen, India is committed to combating climate-change, curbing-emissions and ensuring a sustainable future."
Details
Deals across hydrocarbon chain
Oil exporting countries such as Saudi Arabia, UAE and Qatar will seek greater access to the Indian market.
Given India's aim to slowly increase share of natural gas, there is much investor interest in deep water exploration.
From the Indian perspective, it will specifically explore overseas hydrocarbon assets, deals for oil and gas procurement deals and opportunities to facilitate export of finished petroleum products.
Information
Union Minister's statement
Dharmendra Pradhan, Oil and Gas minister said, "India will need investments worth nearly $600 billion up to 2030. This provides ample opportunities for companies to invest in India across the hydrocarbon value chain."