CALGARY, July 5, 2015 /CNW/ - The Honourable Greg Rickford, Canada's Minister of Natural Resources, and Shri Dharmendra Pradhan, India's Minister of State (Independent Charge) Petroleum and Natural Gas, today met in Calgary, Alberta, Canada, for the 2nd India-Canada Ministerial Energy Dialogue to discuss enhancing energy cooperation between the two countries in the areas of oil, natural gas, clean energy, power transmission and skill development. They highlighted Canada and India's growing energy partnership, by strengthening government to government and business to business relationships, to help create jobs and long-term economic prosperity for both countries.
Canada is a secure, reliable and responsible producer and supplier of energy to the world and has the resources and expertise needed to support India's growing energy needs. In 2012, India was the fourth-largest energy consumer in the world. Recent International Monetary Fund studies showed that India is expected to be the fastest growing economy during 2014-25. In addition, according to the International Energy Agency's World Energy Outlook 2014, India's oil demand growth between 2013 & 2040 would be the highest in the world.
Indeed, the complementarity of energy interests between Canada and India has already resulted in substantive milestones conducive to building our bilateral energy relationship, including:
- In 2009, India received Canadian oil for the first time and in 2014, India received over 1 500 barrels of Canadian crude per day;
- Signed Expression of Intent in 2013 to collaborate between Alberta Petroleum Marketing Commission and Indian Oil Corporation Ltd;
- In March 2014, Indian Oil Corporation Ltd acquired 10 % participating interest in integrated LNG project - Pacific Northwest LNG proposed at Lelu Island, British Columbia; and
- On April 15, 2015, Canada welcomed the announcement of a contract to supply over seven million pounds of uranium to India over the next five years for the generation of electricity.
Moving forward, Canada could potentially supply a significant amount of the 44 billion cubic metres of natural gas that India is forecasted to import annually by 2025. Two Indian companies are currently invested in projects in Canada being proposed by Pacific NorthWest LNG and A C LNG.
Furthermore, the Ministers discussed opportunities to increase Indian participation in mining and oil sands activities, to grow Canadian investments in India's energy infrastructure and further technical collaboration in the areas of clean energy technologies, including solar, wind, power transmission and carbon capture and storage. Canada and India will also work together to enhance skill development and share knowledge through university collaboration to accelerate the adoption of clean energy technologies.
The Ministers have committed to continuing to explore opportunities of mutual benefit in the energy sector. They are scheduled to meet again in 2016 in India for their 3rd India-Canada Ministerial Energy Dialogue.
- According to the International Energy Agency, in 2013, India was the world's fourth-largest LNG importer, with 5.2 percent of global imports. That same year, about a third of natural gas to meet India's demand came from imported LNG.
- Canada is the fifth-largest producer of natural gas in the world and has up to 1,566 trillion cubic feet (44 trillion cubic metres) of marketable natural gas resources, enough to meet our current production for over 300 years.
- The oil sands comprise approximately 97 percent of Canada's 172.5 billion barrels of proven reserves, the third-largest reserve in the world.
- India has one of the most aggressive growth plans for nuclear energy in the world and represents a large market opportunity for Canadian uranium fuel suppliers. India aims to supply 25 percent of its electricity from nuclear power by 2050.
- Canada is the second-largest producer of uranium globally, with exports valued at more than $1 billion per year.
- In April 2015, Cameco, a Saskatoon-based Canadian company, announced an agreement with India's Department of Atomic Energy to supply over seven million pounds of uranium concentrate to India over the next five years for the generation of electricity.
"Canada's growing energy relationship with India is helping create jobs and long-term prosperity for both of our countries. We stand ready to expand our strategic partnership through greater cooperation based on our complementarity of energy interests."
Canada's Minister of Natural Resources
"India and Canada share common values and ideals and believe in long-term sustained partnerships. Our Energy Cooperation is steadily growing but the potential is much higher – Let's convert the potential into reality."
Shri Dharmendra Pradhan,
India's Minister of State (Independent Charge) Petroleum and Natural Gas
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SOURCE Natural Resources Canada
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