On 5 July 2015, the 2nd India-Canada Ministerial Energy Dialogue was held in Calgary, Canada. Canada’s Minister of Natural Resources, Greg Rickford, and India’s Minister of State Petroleum and Natural Gas, Shri Dharmendra Pradhan, attended the meeting to discuss on-going development of the energy cooperation between the two countries.
As a result of this meeting, the Ministers have committed to continuing to explore opportunities in the energy sector that are of mutual benefit to both Canada and India. A third India-Canada Ministerial Energy Dialogue is scheduled for 2016 in India.
Strengthened government and business relationships between Canada and India have seen the energy partnership grow, thereby creating jobs and long-term economic prosperity for both countries.
Canada is a reliable and responsible producer and supplier of energy. The country has the resources and expertise needed to support India’s growing energy needs. For example, it is the fifth-largest producer of natural gas in the world, with up to 1566 trillion ft3 of marketable natural gas resources.
In the future, this also seems a prosperous partnership for Canada. In 2012, India was the fourth-largest energy consumer in the world. Moreover, according to studies conducted by International Energy Agency’s World Energy Outlook 2014, India’s oil demand growth between 2013 and 2040 is expected to be the highest in the world.
Complementary energy interests
Canada and India’s complementary energy interests have resulted in many milestones. These successes are conducive of a continued development of an energy relationship between the two countries.
Recent successes include: the 2013 signing of an Expression of Intent to collaborate between Alberta Petroleum Marketing Commission and Indian Oil Corp. Ltd, the delivery of over 1500 bbl/d of Canadian crude to India in 2014, and, a contract for the supply over 7 million lbs of uranium to India over five years for the generation of electricity, announced in April 2015.
Canada has the potential to supply a significant amount of the 44 billion m3 of natural gas that India is anticipated to import annually by 2025. Indian companies are actively engaged in Canadian projects such as Pacific NorthWest LNG.
Edited from press release by Callum O'Reilly
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