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In order to attract investment in the oil and gas sector, the government must take key reforms and the recent hike in natural gas price is a step in this direction, union oil Minister M Veerappa Moily remarked in a media.
He pointed out that India was losing out to China when it comes to attracting investment in oil and gas sector from multinational companies. He also said that China has also taken decision to hike natural gas price to attract investment.
He sees the possibility of India producing 50 percent of its energy requirement from domestic sources by 2020, 75 percent by 2025. This requires emphasis on domestic oil and gas exploration. India spends $160 billion in a year on its oil imports, Moily said.
He stressed on the need to produce more oil and gas...regions like North East are sailing on gas and it is not just the Krishna Godavari basin but there are other basins including Cauvery and Mahanadi that have good reserves of oil and gas.