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Experts discuss challenges and possibilities of India's oil and gas industry

Updated : October 16, 2018 08:30 PM IST

On the third and final day of CERAWeek India Energy Forum, CNBC-TV18’s Manisha Gupta caught up with all the big names from the event.

Mohammed Barkindo, secretary general, Organization of the Petroleum Exporting Countries (OPEC) said it's imperative for the producer countries to make sure the demand growth from India and other developing economies is protected.

One of the biggest voice from the gas energy space, Martin Houston, vice chairman at Tellurian said as a seller, India is a dream market and there is a huge LNG (liquefied natural gas) demand.

He said the supply is just catching up and the prices and volatility for oil and LNG would continue to be on the higher side for the next three to four years.

On the crude prices, Daniel Yergin, vice chairman, IHS Markit expects the uncertainty to last till early 2019. He added that there could be a lot of volatility in the prices closer to November 4. However, Yergin said the crude prices could go back to the $60-80 per barrel range in late 2019.

Keisuke Sadamori of International Energy Agency (IEA) said India contributed to 20 percent of global oil demand growth. He also predicted that by 2040, India will surpass China in terms of demand growth in the energy mix making country the largest contributor to the oil demand growth.

Scott Sheffield, board chairman, Pioneer Natural Resources, expects US to be the long term reliable exporter to India once the Iran sanctions kick in. He also added that India has a lot to learn from the US shale companies and mentioned that Pioneer Resources is looking to divest its partnership with Reliance Industries Ltd.

Dev Sanyal, chief executive officer-alternative energy, BP, said there has been a lot of progress in the alternative energy space.
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