India to see $118 bn investment in oil, gas sector in next few years: Pradhan

NEW DELHI: India will see a massive investment of USD 118 billion in oil and gas exploration as well as in setting up of natural gas infrastructure in the next few years as the country prepares to meet the needs of a fast growing economy, oil minister Dharmendra Pradhan said on Monday.

As much as USD 58 billion will be invested by 2023 in oil and gas exploration and production, while, another USD 60 billion will be put in creation of natural gas infrastructure such as pipelines, import terminals and city gas distribution networks by 2024.

Speaking at the India Energy Forum of CERAWeek conference here, he said India’s energy transition level is in line with global trends.