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Deora outlines steps to enhance energy security

— PHOTO: SHASHI ASHIWAL

identifying niche areas: M. S. Srinivasan (left), Secretary, Murli Deora, Minister, Petroleum and Natural Gas, at a seminar in Mumbai on Saturday.

MUMBAI: Petroleum and Natural Gas Minister Murli Deora on Saturday said the government and oil companies had taken steps to enhance energy security for the country.

Speaking at a seminar on ‘Opportunities in the oil and gas industry’ here, Mr. Deora said that the steps being taken included increasing exploration and production activities in the country, acquiring oil and gas assets abroad, strategic storage of crude oil, conservation and implementation of environment friendly policies.

Mr. Deora also talked about the significant development of the exploration and procurement (E and P) sector with the help of the Government’s new exploration licensing policy.

“Under NELP, 58 discoveries have been made by public private/joint venture companies in 17 blocks. In the first six rounds of NELP, the expected investment is of the order of $8 billion. Oil and oil equivalent gas in place reserve accretion under NELP is about 600 million tonnes,” the Minister informed.

Speaking on the government’s desire to promote India as a competitive refining destination, Mr. Deora emphasised that this translated into huge opportunities for the capital goods manufacturing companies to enter into this segment of producing equipment catering to exploration and procurement, which is still not manufactured in India.

Mr. Deora called upon the industry to enhance its capacities and capabilities so that the oil and gas producers do not have to look outside country for procurement.

“This would be in the interest of the country and also the companies, since they will get faster and better service when need arises,” stressed Mr. Deora.

“The focus should be on how to become more efficient to continue to meet the demands in upstream, mid-stream and downstream,” Petroleum Secretary M. S. Srinivasan said.

He pointed out that about twenty five years ago, India was importer of raw materials but now, with huge projects and investments in oil and petroleum sector, the country had started earning from exports.

“State-of-the-art pipeline and compressor technology has revolutionalised the importance of natural gas and in the next ten years natural gas will surpass crude oil. We are forecasting a market of $300 billion for exploration equipment manufacturers in the XI and XII Plan,” Mr. Srinivasan stated.

“Today, Western Europe and the United States are looking at Indian companies with growing interest since we have the capacity and capability,” emphasised Mr. Srinivasan.

He beckoned the Indian companies which enjoy tremendous advantage to identify niche areas in the oil and petroleum sector and take up the awaiting opportunities. — ANI

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