India to cut down oil & gas imports by 10%, says Petroleum Minister

India has targeted a 10% reduction in oil & gas imports over the next six years, according to Dharmendra Pradhan, minister of state for Petroleum & Natural Gas.

Speaking at a function on Natural Gas Conclave in New Delhi, he said that natural gas will play a major role in achieving this target, adding that the government has already taken a number of policy initiatives in the sector which would unlock a large quantity of hydrocarbons. 

As per the minister, India is a growth story and its energy consumption is increasing. However without energy security, there can be no development. He further explained that gas is the future fuel and India is taking steps to boost exploration and production.

Meanwhile, the government is working with public sector oil companies to bring in startup fund for oil & gas industry which would further boost the innovative ideas in the sector. 

Pradhan said that the country is committed to reduce the carbon footprint by 30-35% by the year 2030. In this regard, the government is promoting the use of clean fuel like natural gas.

Explaining that the sector has to be developed through participation by all these stakeholders, he asked PNGRB to play a lead role in the expansion of gas network in the country. The minister later assured that the government is committed to the balanced growth and for this purpose new pipelines are being laid in eastern India which will boost the availability of gas in the under-developed parts of the country.