India's oil and gas industry has kick-started economic activities/projects, numbering 8,363 with an anticipated cost of Rs 5.88 lakh crore (approximately $78 billion) since April 20 this year under the Covid-19 mandated standard operating procedures, the government has said.
The declaration came after the Minister of Petroleum and Natural Gas, Dharmendra Pradhan, conducted his latest review in a series of all on-going projects.
"India’s petroleum Industry has transformed crisis into opportunity and is striving to work on mission mode to create employment and revive growth," the ministry said in a statement. "Oil and gas entities in their role as key actors are working on a war-footing and devoting to the green shoots of economic revival, already visible through the backward and forward relation of this industry."
It said the oil and gas sector is a key player of economic growth and, therefore, these projects which have been kick-started since April provide a boost to the national economy and will generate job creation.
"A total of around 338 million man-days of employment are expected to be generated towards the completion of these 8,363 projects. In the current financial year, as on 15th August, employment of more than 22 million man-days has been generated through capital expenditure in the execution of oil and gas projects," the statement said.
The projects involve several joint ventures with foreign entities in refining, drilling and petrochemicals. They also cover refinery projects, bio refineries, E&P projects, infrastructure projects, pipelines and drilling/survey activities.
Out of the total anticipated cost of these projects, approximately Rs 1.20 lakh croreis targeted to be provoked as Capex in the 2020-21 financial years.