Adequate energy supply at affordable price key for growth: PM

With India importing 79 per cent of its oil needs and half its gas requirement, Singh said there was a need to bridge the ever-increasing gap between demand and domestic supply.

“With this in mind, we are encouraging domestic and global companies to explore potentially hydrocarbon-rich areas in the framework of a stable and enabling policy environment,” Singh said.

Stating that the government was pursuing options to achieve energy security, he said a number of changes in energy policy regime in the last few months have been made.  

The Prime Minister called for partnerships with global giants to source technology and produce oil and gas from difficult fields.

“The global oil and gas industry today requires new technologies and processes, innovative thinking and creative business models to meet emerging challenges. The best way of achieving these ends is through partnerships.