OPEC heavyweights attend oil meeting in India
The four-day gathering will focus on investment opportunities in the country's hydrocarbon sector and the environmental and equity concerns relating to India's growing demand from energy, Indian Petroleum Secretary M S Srinivasan said.
By Agencies |
NEW DELHI: OPEC President Edmund Daukoru and oil ministers from several member nations of the cartel were attending an international conference that opened in Tuesday, seeking to explore exploration and production opportunities in energy-hungry India.
The four-day gathering will focus on investment opportunities in the country's hydrocarbon sector and the environmental and equity concerns relating to India's growing demand from energy, Indian Petroleum Secretary M S Srinivasan said.
Saudi Oil Minister Ali Naimi, Iran's Petroleum Minister Kazem Vaziri Hamaneh and Qatar's energy minister Abdullah bin Hamad Al Attiyah are among the Organization of Petroleum Exporting Countries ministers attending the conference, said the Oil and Natural Gas Corp, India's main exploration company, which is hosting the event.
Senior executives from global oil companies such as Royal Dutch Shell and Sinopec are also participating in the conference that is expected to provide a platform for bilateral and corporate deals.
In all, 4,000 delegates are expected to attend the meeting.
India's economy needs to secure new energy sources to sustain its 8 per cent annual growth.
It currently imports three-fourth of the crude oil it processes, with domestic crude production stagnating at around 33 million metric tons a year.
Natural gas available commercially in the country is at present about 90 million cubic meters a day, which is only sufficient to meet 60 per cent of domestic demand.
The four-day gathering will focus on investment opportunities in the country's hydrocarbon sector and the environmental and equity concerns relating to India's growing demand from energy, Indian Petroleum Secretary M S Srinivasan said.
Saudi Oil Minister Ali Naimi, Iran's Petroleum Minister Kazem Vaziri Hamaneh and Qatar's energy minister Abdullah bin Hamad Al Attiyah are among the Organization of Petroleum Exporting Countries ministers attending the conference, said the Oil and Natural Gas Corp, India's main exploration company, which is hosting the event.
Senior executives from global oil companies such as Royal Dutch Shell and Sinopec are also participating in the conference that is expected to provide a platform for bilateral and corporate deals.
In all, 4,000 delegates are expected to attend the meeting.
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"We want to underline the fact that as far as oil and gas is concerned, India is an under-explored nation, not an under-endowed nation," Srinivasan said. India's economy needs to secure new energy sources to sustain its 8 per cent annual growth.
It currently imports three-fourth of the crude oil it processes, with domestic crude production stagnating at around 33 million metric tons a year.
Natural gas available commercially in the country is at present about 90 million cubic meters a day, which is only sufficient to meet 60 per cent of domestic demand.
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