Prime Minister Narendra Modi on Monday interacted with the oil and gas CEOs and experts from across the world and thanked the participants for sharing their views.
He said that many suggestions received in the last meeting in 2016 have helped policy making. He also said that scope for reform in many areas still exists.
Union Ministers Dharmendra Pradhan, and R.K. Singh, and senior officials from NITI Aayog, Prime Minister Office, Petroleum Ministry and Finance Ministry were present at the meeting.
The Prime Minister further appreciated the focussed suggestions made by the participants.
The Prime Minister also thanked all participants for sharing holistic suggestions, keeping in mind India's unique potential and requirements in the oil and gas sector, instead of merely confining themselves to the concerns of their respective organisations.
The Prime Minister observed that the suggestions made covered policy, administrative as well as regulatory issues.
The Prime Minister thanked the President of Russia, Vladimir Putin, and Rosneft, for their commitments and support to the energy sector in India.
He appreciated the 2030 vision document of the Kingdom of Saudi Arabia.
Recalling his visit to Saudi Arabia, he said many progressive decisions are being taken there in the energy sector.
Minister for Petroleum and Natural Gas Dharmendra Pradhan, and Rajiv Kumar Vice Chairman NITI Aayog gave an overview of the work done in this sector. They also emphasised on the expected growth in energy demand in India, and the significant progress made in electrification and LPG expansion.
In a short presentation, CEO, NITI Aayog, Amitabh Kant outlined the recent developments and challenges in the oil and gas sector in India.
Various participants appreciated the progress and reforms made in India in the last three years.
They also applauded the pace and drive with which Prime Minister Modi has brought about the reforms in the energy sector.
Various issues such as the need for a unified energy policy, contract frameworks and arrangements, requirement of seismic data sets, encouragement for biofuels, improving gas supply, setting up of a gas hub, and regulatory issues, came up for discussion.
Many participants strongly recommended the inclusion of gas and electricity in the GST framework. The Revenue Secretary, Hasmukh Adhia, highlighted the recent decisions of the GST Council regarding the oil and gas sector.
Top CEOs and officials from Rosneft, BP, Reliance, Saudi Aramco, Exxon Mobil, Royal Dutch Shell, Vedanta, Wood MacKenzie, IHS Markit, Schlumberger, Halliburton, Xcoal, ONGC, IndianOil, GAIL, Petronet LNG, Oil India, HPCL, Delonex Energy, NIPFP, International Gas Union, World Bank, and International Energy Agency were also present at the meeting.
The meeting was coordinated by the NITI Aayog.