India expected to get $58B investment in upstream sector: Dharmendra Pradhan

NEW DELHI: India is expected to receive an estimated $58 billion of investment in the upstream sector by 2023, oil minister Dharmendra Pradhan has said. Speaking at an industry conference, the minister also highlighted the need to bring petroleum products, starting with gas and jet fuel, under GST, and asserted that no single form of energy can meet the growing demand in the country.

Pradhan was upbeat about fresh investments flowing into India’s energy sector. His optimism was shared by finance minister Nirmala Sitharaman who said that India is becoming an attractive destination for foreign investors.

The oil minister said recent exploration blocks and oilfields would bring new investment. “We have successfully completed three bid rounds under Open Acreage Licensing Policy and two rounds of bidding under the Discovered Small Fields (DSF) policy,”