Oil Minister Dharmendra Pradhan met Canadian Minister for Natural Resources Greg Rickford at the second India-Canada Ministerial Energy Dialogue in Calgary to discuss enhancing energy cooperation between the two countries.
The areas of cooperation discussed at the meeting included oil, natural gas, clean energy, power transmission and skill development, an official statement said here today.
"Canada could potentially supply a significant amount of the 44 billion cubic metres of natural gas that India is forecast to import annually by 2025," the statement said.
State-owned Indian Oil Corp (IOC) has already taken a 10 per cent stake in the Pacific NorthWest LNG, while real estate firm Hiranandani Group has announced plans to develop a 4.5 million tonnes per annum LNG export terminal in Melford, Nova Scotia at an estimated cost of USD 3.3 billion by 2020.
"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," the statement quoted Pradhan as saying.
Speaking on the occasion, Rickford said "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."
Both the ministers highlighted Canada and India's growing energy partnership, by strengthening government and business relationships, to help create jobs and long-term economic prosperity for both countries.
While India is fourth-largest energy consumer, 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, the statement said. India, in 2009, had for the first time imported Canadian oil.
In 2014, India imported 1,500 barrels of Canadian oil per day. In March 2014, IOC acquired 10 per cent stake in an integrated LNG project -- Pacific Northwest LNG proposed at Lelu Island, British Columbia.
"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," the statement said.
Canada and India will also work together to enhance skill development and share knowledge to accelerate the adoption of clean energy technologies.
The ministers agreed to intensify, government-to- government as well as business-to-business collaborations in the above noted themes. The third India-Canada Ministerial Energy Dialogue will be held in India in 2016.