The minister wanted India to increase the pace of bidding in Iraq's oil and gas sector to match that of China. He said Indian companies can go solo or join hands with Iraqi firms to participate in the oil and gas sector. Iraq's infrastructure, including transportation, electricity and water supply, are in desperate need for rehabilitation. According to Hussain al-Shahristani, $500 billion is required to rebuild the country's infrastructure.
He promised the help of Iraq, which has proven reserves of 143 billion barrels, in meeting India's growing oil needs. "India's dependence on oil imports will increase from 74 per cent in 2012 to 92 per cent in 20 years' time," he said.
According to him, despite its best efforts to increase local production and diversify its energy sources, India will still depend heavily on imported hydrocarbons. Oil imports are expected to increase by more than four per cent every year till 2035, to reach 6.8 million barrels per day (mbpd) from the current 2.5 mbpd.