About Us News

Prime Minister Modi Inaugurates PETROTECH 2016

Back | Print

Prime Minister Shri Narendra Modi inaugurated the PETROTECH-2016, India’s flagship biennial international oil and gas conference and exhibition, on December 5, 2016.  The theme of the three-day conference was “Hydrocarbons to fuel the future - Choices & Challenges”.


In his address, Prime Minister Modi said that India is the world’s fastest growing large economy, poised to account for one fourth of the incremental global energy demand between 2013 and 2040 and expected to consume more oil than the whole of Europe in 2040. He mentioned energy access, energy efficiency, energy sustainability and energy security as the four pillars of his vision for India’s energy future.


He highlighted that the new Hydrocarbon Exploration and Production Policy provides for uniform license for exploration and production for all forms of hydrocarbons including shale oil and gas and coal bed methane; open acreage policy allowing bidders to choose the acreage to be explored by them; revenue sharing model instead of profit sharing to reduce the scope for disputes; and marketing and pricing freedom for the crude oil and natural gas produced. He expressed hope that India’s oil and gas sector companies would take the opportunity to tie up with their foreign counterparts to explore for more equity oil. He urged Indian energy companies to become multinational; and work towards India-Middle East, India-Central Asia, and India-South Asia energy corridors. 


The Petrotech Conference showcased the strengths and potential of Indian Hydrocarbon industry to the world besides providing a vibrant platform for exchange of ideas, sharing of experience, knowledge and technological development across various segments of hydrocarbon industry and opportunities for business collaborations. Over 100 eminent speakers and 6,000 delegates from 68 countries, including technologists, scientists, planners, policy-makers, management experts, entrepreneurs, service-providers and vendors participated in the Conference. Along with the Conference, PETROTECH Exhibition was also held with the participation of about 600 exhibitors from over 50 countries. 11 MOUs were signed including a consortium agreement between IOCL, BPCL and HPCL to set up India’s biggest oil refinery cum petrochemical complex with a ~60 MMTPA capacity along the western Coast of India in the State of Maharashtra.