India would also increase its gas regasification capacity from 21 mmt to 55 mmt and this increased capacity of 34 mmt would enable the country to push more gas in the market.
On gas economics,The minister commented that the Government would be willing to consider exempting LNG from import duty like crude oil, given that gas is a clean and environment-friendly fuel and without a doubt will help reduce emissions. The minister referred the KG basin, which is a major gas reserve, as the “North Sea for India”. He also spoke about the Gujarat case where the gas share of 26 per cent is higher than the world share of 24 per cent, and referred to the Government’s aspiration to replicate this across India. In his address at the workshop attended by CEOs and senior leaders from the oil & gas industry covering the entire gas value chain, the minister touched on several issues including Climate Change, gas infrastructure and pipelines, domestic gas supply, gas economics and innovative technology to boost the gas share in India’s energy mix.