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“Also read: PM Narendra Modi wins Time’s Person of the Year

canada goose store On the other, we must be sensitive towards the environment.”The Prime Minister said hydrocarbons will continue to play an important part in India’s growth, but the country needs energy that is accessible to the poor as also efficiency in use and energy security.HYDROCARBONS IMPORTANT FOR INDIA’S FUTURE”Energy in general and hydrocarbons in particular is an important part of my vision for India’s future,” he said adding that it rests on four pillars of energy access, efficiency, sustainability and security.Stating that the country needs to increase domestic oil and gas production and reduce import dependence, he said, “I have set a target to reduce import dependence by 10 per cent by 2022. This will have to be achieved during the period of increasing oil consumption.”Also read: PM Narendra Modi wins Time’s Person of the Year online readers pollHard selling a strong, investment friendly policy framework to boost domestic hydrocarbon production, Modi said a new hydrocarbon exploration and production policy has been introduced to provide for uniform licence for exploration and production for all forms of hydrocarbons, including shale oil and gas and coal bed methane.This also covers open acreage policy allowing bidders to choose the acreage they wish to explore, revenue sharing model instead of profit sharing to reduce any scope for disputes and marketing and pricing freedom for crude oil and natural gas produced.He attributed the USD 5.6 billion investment in Russian oilfields that will provide 15 million tons of equity oil equivalent, to a proactive foreign policy and energy diplomacy.”I hope that our oil and gas sector companies will take the opportunity to tie up with their foreign counterparts to explore for more equity oil. Indian energy companies must become multinational and work towards India Middle East, India Central Asia, and India South Asia energy corridors,” he exhorted.Also read: Will Narendra Modi be the Time’s Person of the Year, 2016? PM maintains lead, way ahead of Barack Obama, Donald TrumpHe called on global hydrocarbon companies to come and Make in India. canada goose store

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