Indian energy minister announces bidding round to attract investmentStaff Writer | March 8, 2017
Indian Petroleum and Natural Gas Minister Dharmendra Pradhan announced a new round of bidding on oil and gas projects to increase foreign investment.
Asia There was never a better time to be in India
The minister expressed optimism after the accord reached by the Organization of Petroleum Exporting Countries (OPEC) in November, adding that it opens the door to promising investment possibilities in his country’s energy industry.
The joint OPEC oil production cutback totaling 1.8 million barrels per day, or approximately 1.9 percent of demand expected for 2017, should serve to reduce the crude inventory levels, the average volume of which has exceeded 300 million barrels over the past five years, according to the oil cartel’s calculations.
According to a report published Monday by the International Energy Agency, oil demand will rise over the next five years thanks to developing countries and Asia, which will use about seven of every 10 extra barrels consumed worldwide and with India outpacing China by the end of the period.
Pradhan also commented that another of India’s energy strategies to reduce dependence on imported crude consists of increasing the use of liquefied natural gas as a vehicle fuel, and he noted that several public transportation methods in the Asian nation will be powered in the short term by LNG. ■