"For this journey to be successful, attracting correct investments and foreign players will be important. But more on the policy front still needs to be done if New Delhi wants to achieve its ambitions to reduce energy imports to 50% of its energy basket by 2030. It has set a target to raise its share to 50% as the upstream investment climate has improved, with many procedural complexities having been sorted in the upstream oil & gas sector by the government. Cairn, part of Vedanta Resources, currently contributes about 25% to India's domestic oil and gas production. "But in the longer term, while India is likely to see a shift towards a more diversified energy mix, oil and gas will continue to play an important role in meeting the country's energy self-dependency push," he added. To cater to this demand, investment in exploration and production of new resources, as well as in the infrastructure required to support transportation and distribution, will be necessary," Walker said. "In the near term, India's oil and gas demand will get a boost due to population growth as well as urbanization and economic development. He said that India, which imports 85% of its oil requirements, had rich hydrocarbon potential, and oil and gas would continue to play a critical role in meeting the country's energy needs and supporting economic growth despite the increased talk of energy transition altering the energy landscape. India's promising growth outlook for oil and gas demand in coming years is increasingly opening up opportunities for private and foreign players in the upstream sector, but they will need support through a more investor-friendly policy framework, Cairn Oil & Gas CEO Nick Walker told S&P Global Commodity Insights in an exclusive interview. Get insights on how those companies are planning to strike a balance between traditional and new businesses at a time when energy transition is changing the industry's landscape, while geopolitical turbulence is throwing up new challenges. The S&P Global Commodity Insights India CEO Series is a compilation of exclusive interviews by Asia Energy Editor Sambit Mohanty with top government and industry leaders in India's oil and gas sector. Learn how Dubai’s strategic location can enable reduced carbon -intensive trade in our upcoming Middle East Petroleum & Gas Conference in Dubai, UAE on 22-23 May, 2023. He explores the underlying intricacies required in reducing the strain on trade finance – AI assisted supply chain management, utilizing the world class logistical infrastructure of central hubs such as Dubai and more in this exclusive video interview by S&P Global Commodity Insights. Featuring Sanjeev Dutta, Executive Director of Commodities, DMCC. With the pandemic allowing for devise of newer trade routes, consolidating the existing once, especially in concern with scarcity of bunker space. Rising interest rates, price volatility and trade pattern changes which contributes to the increased financial costs. American Petroleum Institute President and CEO Mike Sommers joined the podcast to share the industry’s perspective on the new offshore leasing plan, its impact on broader supply and demand dynamics and next steps.Stick around for Binish Azhar with the Market Minute, a look at near-term oil market drivers.Related content: US Interior Department plans three offshore oil, gas lease sales over next five years (subscriber content)Whale-related litigation muddies waters, forces delay of US Gulf oil, gas lease sale (subscriber content)US offshore oil, gas producers raise alarm about financial assurance proposal (subscriber content)ĭoes the global trade industry require up to USD 500 million in working capital to maintain its flow? In the DMCC’s report released in the last year, one of the key areas of recommendation is the importance of enhanced trade finance mechanisms to facilitate trade flows globally. In about two months, Interior Secretary Deb Haaland is expected to formally approve a new National Outer Continental Shelf Oil and Gas Leasing Program, putting a five-year offshore leasing plan back on the books after the country’s previous program expired over a year ago.As one could imagine, the oil industry was not pleased to hear that only three lease sales for acres in the Gulf of Mexico would be conducted over the next five years.
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