New Delhi, January 12
Prime Minister Manmohan Singh today said the government was encouraging domestic and global companies to explore energy supplies sector under a stable and enabling policy environment to bridge the demand and supply gap.

In his inaugural address at Petrotech 2014, organised by the ONGC and Petrotech Society, the PM said as India configured its policy framework to get back to the high growth-rate trajectory, the development of the energy sector, particularly the hydrocarbon space, must be given particular attention.

“There is a need to bridge the ever increasing gap between demand and domestic supply. With this in mind, we are encouraging domestic and global companies to explore potentially hydrocarbon-rich areas in the framework of a stable and enabling policy environment. We have made a number of changes in our energy policy in the last few months,” the PM said.

With India expected to become world’s third largest energy consumer by 2020, he also emphasised that adequate energy supply at affordable price was critical for economic growth.

He said India was the world’s seventh largest energy producer accounting for 2.5 per cent of the world’s total annual energy. It “needs to increase its energy supply by 3-4 times over the next two decades”, he said.

The PM called for partnerships with global giants to source technology and produce oil and gas.