(BS)
Petroleum minister Dharmendra Pradhan said on Monday that the country’s oil and gas sector is at present seeing investments worth around Rs 5 trillion in exploration, distribution, marketing, regasification, pipeline network laying. Through the recent policy push on exploration sector, the minister expects the domestic natural gas production to increase by around 20 per cent from 32.87 billion cubic metres (bcm) in 2018-19 to 39.3 bcm by 2020-21. With consumption too on upward trend and new city gas distribution (CGD) networks coming on stream, investments are set to come in liquefied natural gas (LNG) with the capacity to be augmented from 38.8 million tonne per annum (MTPA) to 52.5 MTPA in the next three to four years.
He said long-term contracts have been signed for importing LNG, and its sources are being diversified. Addressing the media on the sidelines of the commencement of work for the 10th CGD bidding round, the minister added that the government may look at renegotiating its long-term LNG deals. India is also in the process of adding 14,788 km in its existing gas grid covering 16,788 km. Pradhan said India is the world’s third-largest energy consumer, and will become top consumer in a decade.
