India Energy Week took place this week, which saw energy industry leaders from 150 countries travel to Bangalore, India. Speaking at the summit, Indian Prime Minister Narendra Modi announced plans for large increases in natural gas and oil expansion, including a planned 500% increase in natural gas consumption in the coming years. “In order to meet the growing aspirations of crores of people who now form the ‘middle class,’ we will require unhindered oil and gas supplies,” said Modi. (A crore is an Indian expression for 10 million.)
Modi announced that India is lifting restrictions on mining, and will be opening up over 1 million sq. km to new oil exploration. He encouraged international investors with expertise in the field to come and help, and announced new programs to encourage the growth in this sector.
India is entering “mission mode,” Modi said, and will increase its capacity in every sector. They plan to increase the total crude oil refining capacity from 250 MMT to 450 MMT (per annum).
