Gas imports to decline: Puri

Petroleum & Natural Gas Hardeep Singh Puri has expressed optimism that new investments in the upstream natural gas sector will bring down imports.

At present, India sources about half of its natural gas from imports. By fostering domestic production, the government not only fortifies India’s energy framework but also aligns with economic and environmental objectives, he elaborated in a social media statement.

“India is well on its way towards transforming into a gas based economy with key steps taken under the leadership of PM@narendramodi Ji,” he tweeted on X. “Transformative & bold policy reforms by the Modi Govt has incentivized the producers of domestic gas to make additional investments in the upstream sector leading to increased production of natural gas.”

Since we import about 50 per cent of our natural gas requirement, enhanced gas production within the country will reduce our import dependence and bolster our efforts towards a sustainable, affordable, and secure energy future for Indian citizens, he wrote.

The Modi government has implemented a series of reforms which have already begun to show early results, he wrote, adding that gas production increased by 18 per cent last year and is projected to be 38.2 BCM, 40.9 BCM and 45.3 BCM respectively in the next three years till 2026.

These reforms will also incentivize investment in India’s E&P sector by ensuring that gas production from new wells of nomination fields will receive 20 per cent higher prices, Puri wrote.