With India becoming the world’s third largest oil consumer and its energy consumption projected to grow 128 per cent by 2035, the annual Petrotech international conference in December will play a key role in preparing a roadmap to satisfying the country’s future energy needs, the government said.
“The Petrotech 2016 will be a part of the continuing narrative of India’s evolving energy scenario. This conference has a key role to play in developing the roadmap for the next 25 years in satisfying India’s gigantic energy needs,” Petroleum Minister Dharmendra Pradhan told reporters here at a curtain raiser for the December 5-7 event.
Prime Minister Narendra Modi will inaugurate the 12th edition of the conference, Pradhan said.
“The conference goes beyond oil and gas to the overall energy sector. India seeks partnerships and collaborations,” he added.
Noting that India had organised the leaders’ summit of BRICS emerging economies in Goa last month, Pradhan said that oil-rich Russia had already made investments worth $13 billion in the Indian downstream industry.
He said confirmation of participation had been received from many countries including Brazil, Russia, Venezuela, Oatar, Iran, Cyprus, Sudan, South Sudan, Afghanistan and Bhutan.
“In line with India’s growing engagement in the enrgy domain, 49 ministers from other countries have been invited to the conferenece, the organisers said.
“Petrotech 2016 offers a unique opportunity to meet up with potential investors and partners, enabling buyers and sellers to interact in a structured manner in their areas of priority and preference,” a statement said.
In this connection, Pradhan pointed out that the government had received 134 e-bids from 42 companies for exploring small oil and gas fields under the Discovered Small Fields Bid Round 2016.
The government has put up for bidding for production under a new revenue sharing model these small fields originally discovered by state-run explorers Oil and Natural Gas Corporation and Oil India. They, however, could not develop these because of their small size.
The auction was held under the new Hydrocarbon Exploration and Licensing Policy approved in March, which is based on a revenue-sharing model as opposed to cost-and-output-based norms earlier.
Under the Discovered Small Field Policy, the government had offered for bids 67 discovered small fields in 46 contract areas spread over nine sedimentary basins on land and in shallow and deep water areas.