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India will invest $67 billion in the gas sector over the next 5-6 years as part of an “unprecedented amount” of funds being put in to develop energy infrastructure, said Prime Minister Narendra Modi on Tuesday.
Speaking at the second edition of the India Energy Week (IEW) in Betul in South Goa, Modi said India is attracting global investors in the energy sector. "We want to increase the share of natural gas in the primary energy mix to 15 per cent from the current 6 per cent. Therefore, we are investing $67 billion in the next 5-6 years," he said.
"India is investing an unprecedented amount of funds into India. Therefore, those involved in the global energy sector today want to invest in India in energry," Modi said.
At last year's IEW, Modi had said India is committed to green energy but it would need investments in the traditional oil and gas sector.
The Interim Budget on February 1 proposed a capital expenditure of Rs 11 trillion and a large part of that money will dovetail with investments in the energy sector. "India is now the fastest growing economy globally. The International Monetary Fund has predicted that it will continue to grow like this going forward. India will soon become the third largest economy in the world," said Modi, adding the country will soon become a key producer and exporter of hydrogen.
"India is already one of the largest refiners in the world. Today, our refining capacity is more than 255 million metric tonnes per annum (MMTPA). By 2030, we want to expand that to 450 MMTPA," Modi said.
India annually consumes 19 million barrels of oil and the number is set to reach 38 million barrels by 2045.
"Ten years back, ethanol blending in petrol was 1.5 percent. In 2023, this was more than 12 percent. As a result, 42 million metric tonne of carbon emissions have been averted," Modi said. E20 fuel (20 per cent ethanol blending in gasoline) was launched at IEW 2023 and is now available at 9000 outlets countrywide. E20 will lead to an estimated Rs 50,000 crore of savings for the government as crude oil imports reduce.
Modi interacted with the chief executive officers of international oil and gas companies in Betul.
IEW 2024 is the flagship event of the Ministry of Petroleum and Natural Gas. With a focus on sustainability, it features speakers from regulatory bodies, renewable and alternate fuel associations and companies, policy researchers and consultants. The government hopes the event will make India a key policy driver in global energy.
