India is moving towards a gas-based economy from an import-dependent crude oil-based economy: Hardeep PuriNew Delhi [India]November 11 (ANI): Union Minister Hardeep Singh Puri on Monday emphasized that India is moving towards a gas-based economy rather than an oil-based economy due to its energy needs.
The minister stated that the government has taken transformative steps in recent years to increase domestic gas production and reduce India’s dependence on imports. Currently, India imports about 50 percent of its natural gas needs, but with new investments in the upstream sector, this dependence is expected to decrease over time.
He also added that by encouraging domestic producers to invest in gas production, the government is not only creating a stronger energy base in India but also supporting the country’s economic and environmental goals.
“India is well on its way to transforming to a gas-based economy, with significant steps taken under the leadership of Prime Minister @narendramodiJi… Since we import about 50% of our natural gas needs, increased gas production in the country will import dependence,” Puri said in a social media post.
The minister also noted that gas production in India increased by 18 percent last year, a promising sign of growth. Forecasts show that production volumes will reach 38.2 billion cubic meters (BCM) in 2024, 40.9 billion cubic meters in 2025 and 45.3 billion cubic meters in 2026.
This steady increase in production will support India’s journey towards a gas-based economy, ensuring greater energy security and stability.
He noted that one of the key reforms implemented by the government includes an incentive for gas producers from new sources in nomination fields, who will be eligible for 20 percent higher prices.
This policy aims to attract more investments in India’s exploration and production (E&P) sector, boost investor confidence and encourage them to play an active role in India’s energy transition.
He said, “These reforms will also boost investments in the Indian E&P sector by ensuring that gas production from new sources from nomination fields will receive 20 percent higher prices.”
With this policy, India is working towards a cleaner and more energy-efficient future, prioritizing domestic gas production and reducing the environmental impacts associated with high import dependence. (ANI)
