IndiaÂ´s oil demand growth will exceed 11 per cent this year as the worldÂ´s third-largest oil and gas consumer fires up its economic development, said Minister of Petroleum and Natural Gas Dharmendra Pradhan.
Estimated oil trajectory (last year) was 7 to 8 per cent but we ended up with 11 per cent. This year I am much more hopeful,Â´ Pradhan said.Â´IndiaÂ´s oil demand this year will break all records and we are prepared.Â´
Growth will also be driven by better monsoon rains, he added. Speaking in London before a presentation of IndiaÂ´s bid round for discovered small fields which are estimated to hold 625 million barrels of oil and gas.
An exploration license bid in the next fiscal is planned to reduce import dependency by 10 per cent by 2022, he said.
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