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Prime Minister said
market-based pricing and technology are essential for meeting India's energy
needs. Speaking at the 8th Asia Gas
Partnership Summit in New Delhi, he said India, which currently is world's
seventh largest energy producer needs to increase its energy supply by 3 to 4
times within the next two decades. Also, India is currently the fourth largest energy consumer
behind US, China and Japan. To bridge the gap between supply and demand, Dr.
Singh said the government is encouraging domestic and global companies to
explore onshore and offshore regions. India, which imports about 80 per cent of
its oil needs and more than half of its natural gas requirement, has market
based pricing for crude but sub-market rates for gas. Further, the Prime Minister inaugurated online, the 1000km Dabhol (MH) – Bangaluru (KA) Gas Pipeline connecting South India.
It has been constructed at an investment of Rs 4,500 crore. The pipeline
passes through Belgaum, Dharwad, Gadag, Bellary, Devanagere, Chitradurga,
Tumkur, Ramanagaram, Bengaluru Rural and Bengaluru Urban districts. Speaking
on the changing energy scenario in the world, the Prime Minister said the
discovery of shale gas had brought
about a “sea change” in this context and India was hopeful of discovering shale
gas reserves.