India will see a $100 billion investment in creating oil and gas infrastructure over the next five years to meet the country's energy needs, reiterating Indian Prime Minister Narendra Modi’s statement, Indian petroleum minister Dharmendra Pradhan said.
The world’s third largest energy consumer after the US and China, India’s per capita energy consumption is only about one-third of the world’s average.
Speaking at KPMG’s energy and natural resources conclave, Pradhan said India will chart its own course of energy transition in a responsible manner even as it is set to be a key driver of global energy demand in the coming decades.
“We are finding ways to achieve twin objectives of more energy and less carbon emission through a healthy mix of all commercially-viable energy sources".
Of the total investment, $60 billion will be invested in the creation of gas infrastructure such as oil refining, pipelines, city gas distribution networks, and LNG (liquefied natural gas) import terminals, he said.
He said the country wants more foreign investment inflow into upstream oil and gas exploration and production as well as downstream fuel marketing and petrochemicals.
Pradhan also talked about the National Biofuel policy, which focuses on waste-to-wealth creation and targets to generate various types of bio-fuels from agriculture residue and municipal waste.
Last week, Indian Prime Minister Modi sought investment from oil kingpin Saudi Arabia and other nations to boost supplies.