Global oil and gas majors are looking to India, the world's third biggest o...
NEW DELHI - Global oil and gas majors are looking to India, the world’s third biggest oil importer, to buy some of their excess liquefied natural gas as the South Asian nation improves its gas infrastructure and strives to reduce emissions.
Spot LNG prices have more than halved since last year due to oversupply as producers battle for market share.The country is investing $60 billion in gas infrastructure, including setting up cross-country pipelines and LNG import terminals to connect gas-starved regions to supply hubs. “India is emerging as a major demand center for gas. India is going to be a very exciting market ... We see it as an important energy market for decades to come,” Peter Clarke, senior vice president of global LNG at Exxon Mobil Corp told Reuters at the India Energy Forum by CERA Week, on Monday.
“We see great potential here,” Bill Davis, lead country manager of South Asia at ExxonMobil, said in a statement.
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