ENA Sectors 2024-11-11 17:17:21 <p><span style="font-size:14px"><strong>New Delhi, Nov 11 (KNN)</strong> In a significant stride towards energy independence, Union Minister Hardeep Singh Puri announced on Monday that India is gradually transitioning to a gas-based economy, reducing its heavy reliance on imported crude oil. </span></p> <p><span style="font-size:14px">This shift, driven by transformative government policies, underscores Indias commitment to bolstering domestic natural gas production and achieving greater energy security.</span></p> <p><span style="font-size:14px">Puri noted that, currently, India imports nearly 50 per cent of its natural gas requirements, yet strategic investments in domestic gas production are expected to decrease this dependency over time. </span></p> <p><span style="font-size:14px"> India is well on its way towards transforming into a gas-based economy, Puri shared on social media, emphasising the governments focus on energy reforms under Prime Minister Narendra Modis leadership. </span></p> <p><span style="font-size:14px">This shift aligns with Indias broader economic and environmental goals by reducing both costs and carbon emissions associated with imported fossil fuels.</span></p> <p><span style="font-size:14px">In 2023, Indias gas production registered an 18% increase, a positive trend that indicates the growing strength of domestic energy resources. </span></p> <p><span style="font-size:14px">Projections suggest a continued rise, with gas production expected to reach 38.2 billion cubic meters (BCM) in 2024, 40.9 BCM in 2025, and 45.3 BCM by 2026. These production goals are designed to support Indias energy transition by ensuring a stable, local supply of natural gas.</span></p> <p><span style="font-size:14px">One of the central policy shifts supporting this transition is the governments recent incentive structure for gas producers. Under this policy, producers from new wells in nomination fields are eligible for a 20% premium on gas prices. </span></p> <p><span style="font-size:14px">Puri highlighted this as a crucial incentive to attract investment in Indias exploration and production (E&amp;P) sector. These reforms incentivize investment by ensuring gas production from new wells will receive 20% higher prices, he noted, enhancing investor confidence in Indias energy market.</span></p> <p><span style="font-size:14px">With these ambitious policies, India is laying the groundwork for a cleaner, more energy-efficient future, promoting domestic gas production and aligning with global environmental standards. </span></p> <p><span style="font-size:14px">As India moves closer to its gas-based economy vision, it is setting a powerful example of sustainable growth in the global energy landscape.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39872 https://knnindia.co.in/news/newsdetails/sectors/india-to-reduce-natural-gas-imports-with-new-investment-driven-production-reforms-minister-hardeep-singh-puri 2024-11-11 17:17:21 knnindia.co.in