PC Oman Ventures will buy 10% stake in Block 61 of the Al Khazzan gas field. Credit: Zbynek Burival on Unsplash.

Indian Prime Minister Narendra Modi is set to meet chief executives of high-profile oil and gas companies to discuss ways to revitalise investment in domestic exploration and production.

The session will be attended by representatives from Saudi Aramco, Exxon Mobil, Shell, BP, Total, and other global and Indian firms.

Those invited include Saudi Oil Minister Khalid Al Falih, BP CEO Bob Dudley, Total head Patrick Fouyane, Reliance Industries chairman Mukesh Ambani and Vedanta chief Anil Agarwal, according to the news agency Press Trust of India (PTI).

Also on the agenda is the current energy scenario amid impending US sanctions targeting Iran’s petroleum industry and rising oil prices.

Being coordinated by the Indian Government’s policy thinktank, NITI Aayog, the meeting is the third edition of the annual event.

“The government aims to reduce imports to 68% by 2022 and to 50% by 2030.”

The Indian Government will seek suggestions on ways to attract more investments to boost the domestic output in the wake of increasing reliance on oil and gas imports.

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Currently, India imports around 83% of its fuel needs. The Modi-led government aims to reduce imports to 68% by 2022 and to 50% by 2030.

Over the past four years, India unveiled policy changes to encourage more investors to invest in the country’s oil and gas industry. These reforms include an open acreage policy that allows companies to develop their own blocks, as well as freely market and price natural gas and crude oil.

Recently, the government gave away 55 blocks in an auction. Vedanta secured a majority of these blocks, winning 41.

The retail price of petrol in the country is reaching new highs due to most of the country’s oil needs being met through imports and high per-barrel crude prices in international markets.