New Delhi, Sept 9: The Minister of State (I/C) for Petroleum and Natural Gas Shri Dharmendra Pradhan co-chaired the 3rd India-Canada Energy Dialogue with Mr James Gordon Carr, Minister of Natural Resources of Canada in New Delhi on Thursday. Canada and India bilateral relationship was elevated to “Strategic Partnership’ during the visit of the Prime Minister Modi to Canada in 2015. Canada is also a prominent G-20 member.
During the Energy Dialogue, both sides discussed aspects of bilateral energy sector engagements. These included, inter-alia, Indian investments in Canadian upstream sector, sourcing of crude and technologies from Canada, and the recently launched Discovered Small Fields Bidding Round. Canada has some of the world’s most advanced technologies in the hydrocarbon sector. Both sides also discussed regulatory best practices in the hydrocarbon sector, collaboration in the field of technology, including R&D, Shale gas and gas hydrates technology and clean fuel technology.
Indian Oil Corporation Ltd has a participating interest of 10% in Pacific North West LNG Project in British Columbia along with Petronas of Malaysia and other partners. Indian Oil is expected to offtake 1.34 MMT of LNG once the project is operational. In this context, Sh Pradhan requested his Canadian counterpart for expediting the required federal environmental clearances for the project to take off at an early date. He also invited participation of Canadian oil and gas companies to actively participate in Indian hydrocarbon sector infrastructure projects, including the gas sector.
In the spirit of growing partnership and friendship in the hydrocarbon sector, both sides also discussed their commitment to expand, enhance and deepen the scope of Canada-India Energy Dialogue through mutual consultation, including in trade and investment in oil and gas, clean technology, electricity, renewables and energy efficiency. Across each theme, both sides agreed to work to promote business-to-business, research-to-research and regulator-to-regulator collaboration between the two countries. Both agreed to work towards enhancing understanding of policies, programs and regulatory practices in both countries, to promote and facilitate greater two-way trade and investment in the oil and gas sectors, including clean technology applied to the sector, for mutual economic benefit. A Joint Statement was also issued on the occasion.
The text of the joint statement is as follows:
Joint Statement on Enhancing the Canada-India Energy Dialogue
1. Canada and India enjoy a long and friendly history, demonstrated by decades of political, technological and economic cooperation on the international stage, and cultural and community linkages.Both sides recognise the significant progress in all areas of bilateral energy cooperation including hydrocarbons, civil nuclear energy, electricity, renewables and clean technologies.In 2013, our countries established an Energy Dialogue promoting collaboration that provides a strong foundation for today, and for future joint efforts.
2. Building on this, we recognise that with the great potential for growth between our energy sectors and our broader economies there is also a tremendous opportunity for cooperation in our mutual and continuing transitions to cleaner energy economies. Our actions to promote access to energy and align climate and energy policies will promote sustainable development and help enhance two-way trade between our countries, and provide better energy reliability for households
3. However, the world is changing, as highlighted by increasing energy demand, shifting energy markets and the effects of climate change. There is great complementarity between the two nations’ energy agendas. India, being the fastest growing major economy, is already the third largest energy consumer in the world and has rapidly growing energy demand. Canada is one of the largest energy suppliers in the world. Both countries recognise the urgent need to take action to combat climate change through innovation and deployment of low-carbon solutions, as per provisions of the 2015 Paris Agreement under the UNFCCC.
4. While recognising the significant scope and wide ranging potential for cooperation in the field of energy cooperation between governments, the private sector, research organizations and regulators, we agree to explore ways to further strengthen the institutional framework for this cooperation. In this context, both sides agree to consider expanding the scope of their future bilateral dialogues to cover other areas of energy such as electricity and renewables; energy efficiency, clean technology and innovation; and civil nuclear energy
5. These actions are not only beneficial to both our countries in the energy sphere, but will also support the Canada-India partnership on its course towards a more sustainable future.
6. Canada and India have shared and complementary interests in oil and gas – an expanded Energy Dialogue and action plan will also facilitate greater collaboration between Indian and Canadian entities associated with oil and gas. Our objective is to enhance understanding of policies, programs and regulatory practices in both countries, to promote and facilitate greater two-way trade and investment in the oil and gas sectors, including clean technology applied to the sector, for mutual economic benefit. Canada and India will encourage consideration of investment opportunities in their respective energy sectors, including the Indian upstream sector under the Discovered Small Fields bid round and the Hydrocarbon Exploration Licensing Policy. Canada welcomes investment in major projects and will keep India informed of federal environmental approvals for the Pacific North West LNG Project.
MOVING FORWARD
7. India and Canada will facilitate and expedite cooperative efforts towards the development of an action plan that will establish the critical steps forward on the implementation of specific cooperative energy projects, with real and measurable benefits for both countries. At this pivotal moment in energy development, both countries recognise the growing complementarity between the two nations’ energy agendas. As such, they will work toward expanding their dialogues to include cooperation across the spectrum of energy issues, including oil & gas, electricity & renewables, civil nuclear energy, clean energy technology and innovation, as well as global energy security. Canada and India will continue meeting on an annual basis at a senior level to review an action plan with clear results and at the same time, we will strengthen cooperative relationships across all levels and all components of our respective energy departments and markets. Sherpas will meet periodically to develop an action plan and monitor progress.
