Global oil and gas giants, by admin- Friday, March 5th, 2021 08:01:30 AM
Global oil and gas giants, including ExxonMobil, Saudi Aramco, and ADNOC, are exploring investments in India, Minister of Petroleum and gas Dharmendra Pradhan has said. “Some of the main global investors are very interested. BP, Total, and Shell are already in India,” Pradhan said on Thursday during the virtual event CeraWEEK by IHS Markit. “We’re lecture ExxonMobil. Aramco and ADNOC are scouting their possibility in India.” Pradhan said Indian Oil and Exxon Mobil will found out a venture firm under the MoU signed recently to develop LNG as a long-haul transport fuel. “We have planned to spend around $143 billion on energy infrastructure. India is consciously moving towards a gas-based economy: more LNG terminals, more reformist policy for more domestic gas production, more pipelines, CGD networks, more fertiliser plant revival, and more refineries,” Pradhan said. The Minister criticised OPEC for production cuts that have raised crude prices and increased pressure on the central government to scale back excise duties on petrol and diesel. “In May, we were supportive of production cut because there was no demand. At that time of your time, the manufacturing countries, especially OPEC, assured the worldwide market that by the start of 2021 demand will come and production are going to be as was common. But the assembly is yet to be normal by what that they had promised,” Pradhan said, adding that snowstorm within the US has also affected supply. Demand has been normalised, especially in developing Asian countries, Pradhan said. “If you don’t supply properly, if there’s a man-made gap in demand and provide, then there’ll be price rise. it’s going to suit a number of our friends, but in emerging countries like India, when our fiscal scope is extremely challenging, and that we need to spend on development projects, at that time of your time we’d like an inexpensive price of energy.” “If somebody will push me then I’ll be cornered and appearance towards a replacement path and energy,” he said.