India currently ranks as the world's seventh largest energy producer, accounting for just about 2.5% of the world's total annual energy production, while it is the 4th largest energy consumer.
With oil and gas constituting around 41% of India's primary energy consumption, India is expected to be the 3rd largest energy consumer by the year 2020.
"To bridge this gap between supply and demand, we are encouraging domestic and global companies to explore our onshore and offshore regions. I take this opportunity to assure investors of our Government's commitment to providing a stable and enabling policy environment for exploration of new sources of energy," Singh said.
India is also progressively pursuing other options to achieve energy security. One of these is the acquisition of energy assets in other countries. These will not only help us in securing new supplies of energy but also in acquisition of the latest technological know-how, the PM said.
The PM said the AGPS was a unique platform in the area of energy and had grown substantially since its humble beginning 10 years ago and provided "exciting possibilities" for joint investments in areas like gas pipeline development, LNG terminals, petrochemicals, gas trading hubs and city gas distribution.
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