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Dr. Veerappa Moily has stressed the need for more tie-ups between oil companies of India and Australia to meet Liquefied Natural Gas (LNG) requirements of India. Dr Moily discussed here today, the possibilities of enhancing mutual cooperation, in hydrocarbon sector, with visiting Australian Minister Mr. Martin Ferguson, Minister for Energy, Tourism & Resources. In view of Australia augmenting its LNG supply capacity and rising demand for natural gas & up-coming LNG import facilities in India, the two leaders felt that this area offers tremendous opportunity to forge mutually beneficial tie-ups. Oil & gas currently account for 22% and 9 % respectively of India’s energy mix. The share of gas is expected to reach 20 % by 2025. The visiting Minister also flagged the issues facing Australian companies operating in the up-stream chain of hydrocarbon sector. Indian side assured that Petroleum Ministry is actively pursuing resolution of those issues. Petroleum Secretary Shri G. C. Chaturvedi was also present at the meeting.
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