Global energy CEOs endorse India as ‘most attractive place’ to invest
Bengaluru, Feb. 6, 2023: Lauding the unprecedented possibilities in the energy sector outlined by Prime Minister Narendra Modi in his address at India Energy Week, global energy CEOs on Monday said that India is emerging as the most attractive place for exploration of oil and gas with the country poised as a global bright spot.
The leaders from the energy sector in India and across the world met PM Modi and said the Prime Minister appreciated the suggestions made by international oil agencies.
Modi launched several initiatives including uniforms under the ‘Unbottled’ initiative of Indian Oil. These uniforms are made of recycled PET bottles.
He also dedicated the twin-cooktop model of the Indian Oil’s Indoor Solar Cooking System and flagged off its commercial roll-out.
Later in the day, the Prime Minister launched E20 fuel at 84 retail outlets of Oil Marketing Companies in 11 states and union territories along the lines of the ethanol blending roadmap.
He also flagged off the Green Mobility Rally where vehicles running on green energy sources will participate and help create public awareness for green fuels.
Anil Agarwal, Chairman, Vedanta Resources, said he had never seen such a presence concerning energy security, renewables, alternative fuels.
“Today, amazing meeting with the Prime Minister who addressed and the world leaders – Shell, Total, OPEC chairman – I have never seen presence like this about energy security, renewable, alternative fuel. I have no doubt India is a most attractive place for exploration of oil and gas,” he said.
Ranjith Rath, CMD, Oil India, said there is huge interest in India’s initiatives towards decarbonization in its green growth march.
“Leaders from the oil sector in India and across the world met the PM. He appreciated the suggestions by international oil agencies. Everybody focused on India’s effort for decarbonization. PM highlighted green budget for this year,” he said.
The three-day event is being attended by 30 ministers from across the world. Over 30,000 delegates, 1,000 exhibitors and 500 speakers at the event engage to discuss the challenges and opportunities of India’s energy future.
Tengku Muhammad Taufik, President and Group CEO at Petronas said PM Modi has sent clear guidelines concerning energy transition. He also referred to India’s G20 Presidency.
“It’s an honour and privilege to be here in India Energy Week. No less than Prime Minister Narendra Modi has been sending clear and strong guidelines on how to navigate a difficult energy transition,” he said.
“Today, the session with CEOs were truly enlightening. I am awestruck… of his leadership, ability to sell the concept and fight for the principle of energy justice even as world struggles with energy security and affordability for citizens who need energy as they go,” Taufik added.
The three-day event has brought together leaders from the traditional and non-traditional energy industry, governments, and academia to discuss the challenges and opportunities in the energy sector.
In his remarks at the inaugural event, the Prime Minister underlined the major role of the energy sector in setting the direction of the future of the 21st-century world.
“India is one of the strongest voices in the world for energy transition and for developing new resources of energy. Unprecedented possibilities are emerging in India that is moving with a resolution of a Viksit Bharat”, he said.
Referring to the recently released IMF projections of India being the fastest-growing major economy, Shri Modi further added that India has continued to be the global bright spot in the world stricken with the pandemic and the era of war in 2022. He credited the internal resilience of India that enabled the nation to overcome any obstacle irrespective of external factors.
Shrikant M Vaidya, Chairman, Indian Oil Corporation referred to green initiatives in the union budget presented on February 1.
“The recent Budget has emphasized on the green economy, green hydrogen, biofuels and this is the way the Prime Minister has given push for net zero economy,” Vaidya said.
Pattabi Seshadri, Managing Director and Senior Partner, BCG talked about takeaways and described the growth and potential in the sector as the dawn of the energy decade.
“It’s great to be here in India Energy Week. In many ways it feels like dawn of India’s energy decade. We just came out of a session with Prime Minister Narendra Modi. Obviously a lot of discussions happened around India. I was looking what the government is looking at (in terms of) accelerating these technologies and came out with three takeways,” said Pattabi Seshadri, Managing Director and Senior Partner, BCG.
These takeaways, he said, are stable long-term policies, a whole-of-government approach and partnerships across value chains.
“I am really excited to hear the government’s ambitions also its move to action. Looking forward to a great India energy decade,” Seshadri added.
Rahul Dhir, CEO and Executive Director, Tullow Oil, said India is at the center of the global energy markets today.
“Its privilege to be here. India, of course, has seen tremendous economic growth under Prime Minister Narendra Modi and we are looking forward to continuing that impressive track record. Energy is very central to sustaining and enhancing India’s energy growth. Also what we see is energy market globally, India is at the centre of the global markets today. The conference was a great opportunity for us to share ideas,” he said.
“Prime Minister Modi has a clear vision of where he is taking the country…He has a remarkable understanding and appreciaton for the challenges facing the energy industry and the relevance of energy to India,” he added.
Monica de Virgiliis, chairperson at SNAM, said the main takeaways of the events in India Energy Week are need for new energy, tenacity of industry, local demand and attractiveness of India to rest of the world.
“We’re here to sign contract with Indian Oil to support them as technical advisors,” Virgillis added.
According to Vartika Shukla, CMD, Engineers India Limited (EIL), said PM Modi is leading from the front in the energy sector.
“At India Energy Week, PM Modi leading from the front & guiding us & bringing global energy giants with their thought-process, & their solutions for India are welcoming where we need clean accessible energy to for.”
Octavio Simoes, President and CEO,Tellurian said India has done a tremendous job in creating a raodmap that tries to achieve sustainability.
“By sustainability, it is sustainability to the economy in environmental performance and it is the critical recognition that there is a need for hydrocarbons to make energy for all in a just and affordable manner. It is commendable that India is doing this,” Simoes said.
In his remarks, the Prime Minister cited multiple factors for that, first, stable, decisive government. Second, sustained reforms, third, socio-economic empowerment at the grassroots level. The Prime Minister elaborated on the massive social infrastructure including, financial inclusion through bank accounts, free health facilities, safe sanitation, electricity, housing, and piped water that has reached crores of people and changed the lives of a number of people who are more than the population of many major countries.
The Prime Minister noted the positive changes that have occurred in the quality of lives of crores of India where they have come out of poverty and reached the levels of the middle class. He informed that 6,00,000 kilometres of optical fibers have been laid in the country so that every village gets internet access.
Throwing light on the developments in the last 9 years, the Prime Minister informed that the number of broadband users in the country has gone up thirteen times and internet connections have gone up three times. He further added that the number of internet users in rural regions is growing at a faster pace when compared to urban areas.
The Prime Minister informed that India has become the 2nd largest manufacturer of mobile phones in the world which has led to the formation of the world’s largest aspirational class. “The people of India want better products, better services and better infrastructure”, the Prime Minister continued as he pointed out the significant role of energy in realising the aspirations of the Indian citizens.
Emphasizing the need and demand for energy in India in the near future, the Prime Minister noted that the rapid pace of development in India will result in new cities being developed. Quoting International Energy Association, the Prime Minister remarked that India’s energy demands will be highest in the present decade which presents an opportunity for the investors and stakeholders of the energy sector.
He noted that India’s share in the global oil demand is 5 per cent which is expected to rise to 11%, whereas the gas demand of India is expected to rise up to 500 per cent. He underlined that new opportunities for investment and collaboration are being created by the expanding energy sector of India.