Petroleum and Natural Gas Minister Dharmendra Pradhan has said the government is committed to increase and diversify India’s overseas upstream footprint and to boost India’s energy security. Briefing media in New Delhi on India- UAE relations in oil and Gas sector, Mr Pradhan said, UAE continues to be an important supplier of crude, LNG and LPG to Indian market.
He said, UAE is the 5th largest import source and accounts for about 6 per cent of India’s total crude imports. Mr Pradhan informed that during Prime Minister Narendra Modi’s recent visit to UAE, a Concession Agreement between an Indian Consortium and ADNOC for award of 10 per cent stake in Lower Zakum Offshore oil field was signed which will directly boost India’s energy security.
Besides, an agreement between Indian Strategic Petroleum Reserves Ltd (ISPRL) and ADNOC to operationalize the filling up of a strategic petroleum reserve cavern in Mangalore was also signed. The Minister said, the two countries have progressed from a buyer-seller relationship to an era of mutual investments in the oil and gas sector. He said, the agreement reflects the vision of Prime Minister towards strengthening hydrocarbon linkages with the UAE on a win-win basis.