India wants to increase domestic oil and gas production after it has undertaken reforms in the sector to attract investment. This comes at a time when the country’s crude oil import bill has zoomed over 3x, compared with 2020-21 when oil prices breached $85 per barrel.
Prime Minister Narendra Modi on Wednesday met around 30 senior executives from global oil majors and urged them to boost India’s local production.
An official statement said the interaction was attended by industry leaders, including Igor Ivanovich Sechin, chairman and chief executive officer (CEO), Rosneft, Amin H Nasser, president and CEO, Saudi Aramco, Bernard Looney, CEO, BP, Olivier Le Peuch, CEO, Schlumberger, Mukesh Ambani, chairman and managing director, Reliance Industries, and Anil Agarwal, chairman, Vedanta, among others.
