Indian Petroleum Minister Mr. S. Jaipal Reddy, who is leading Indian delegation, discussed the investment opportunities in the Indian oil and gas sector at the First Ministerial Session of the 20th World Petroleum Congress (WPC) at Doha.
Mr Reddy stated that: "India's crude oil production is expected to reach about 38 million tonnes (MMT) in 2011-12. The incremental oil production in recent years is largely from Barmer fields in Rajasthan, and in case of gas, it is from Krishna Godavari Basin. The production of natural gas in the current year is expected to be slightly more than 50 billion cubic meter (BCM)."
Sourcing and investment in LNG
Reddy stated that the growing Indian economy requires massive energy inputs and that the country is expanding its LNG regasification capacity.
"India looks for long-term sourcing of LNG with the producers of LNG. Our companies are also looking for investment opportunities in LNG plants in producer nations. Qatar has been our long time partner country in this area. We are keen to have more such relationships," Reddy added.
Growing refinery sector
The Indian Oil minister also talked about the country's growing refinery sector. He stated: "The installed capacity which was at 62 million tonnes in 1998 has increased to 193 million tones in 2011. This will be further increased to 232 million tonnes by 2012. This has enabled us to become an exporter of petroleum products to the tune of 59 million tonnes valued at US$ 43 billion."
