Prime Minister Dr. Manmohan Singh today said market-based pricing and technology are essential for meeting India's energy needs. Speaking at the 8th Asia Gas Partnership Summit in New Delhi, he said India, which currently is world's seventh largest energy producer needs to increase its energy supply by 3 to 4 times within next two decades.

India is currently fourth largest energy consumer behind US, China and Japan.To bridge the gap between supply and demand, Dr. Singh said the government is encouraging domestic and global companies to explore onshore and offshore regions.

He cited the example of US shale gas revolution where technology and market-based pricing helped exploit the unconventional gas resource and turn the country into energy
surplus. The Prime Minister said, India is also progressively pursuing other options to achieve energy security. He said one of these is the acquisition of energy assets in other countries.

India, which imports about 80 per cent of its oil needs and more than half of its natural gas requirement, has market based pricing for crude but sub-market rates for gas. The Prime Minister assured investors of the government's commitment to provide a stable and enabling environment for exploration of new sources of energy.

He inaugurated online, the Dabhol-Bengaluru Gas Pipeline connecting South India. Dr. Singh commended the Gas Authority of India Limited, GAIL for having become a diversified conglomerate, expanding its operations to far- off markets contributing to national energy security.