The Union Minister of External Affairs, Shri Pranab Mukherjee today called for sustained efforts to develop new, alternative and renewable sources of energy at an affordable cost. “In India, we need to ensure that our current accelerating economic growth process is not constrained by energy paucity. Energy security must remain a prime objective of our policies and all-round efforts. We are moving towards this through intensification of indigenous exploration, bringing in more ‘equity oil’ from overseas, improving the recovery by leveraging advances in technologies and professional management, and tapping emerging areas like coal gasification. Greater availability of energy resources must be accompanied by equally sustained efforts for their more efficient use,” the External Affairs Minister said, while inaugurating PETROTECH-2007, the 7th International Oil and Gas Conference and Exhibition, here.
Speaking on the occasion, the Minister of Petroleum and Natural Gas Shri Murli Deora extended warm welcome to the visiting Energy Minister of Nigeria Dr. Edmund Daukoru and underscored the point of reduction in global crude oil prices since their last meeting at Vienna. He said, “The reduction in crude oil prices from over $ 70 per barrel to the present levels is a welcome relief to India and other oil importing countries.” He informed that India has put in place a multi-pronged strategy to secure energy for its people at affordable cost and ensure sustainable development. The distinctive features of this strategy include faster exploration of domestic sedimentary basins to enhance indigenous production of oil and gas and application of modern technology to recover oil and gas from the existing producing fields. Acquisition of equity oil and gas abroad to supplement domestic production also form an important part of the strategy. Shri Deora added that another aspect of this is improvement in quality of fuels produced by refineries in conformity with the established international emission norms. Development and commercialization of use of alternate fuels and conservation of hydrocarbons are also critical component of the Government’s policy.
He further said that the theme of this Conference Energy, Economy, Equity and ecology covers every aspect of the hydrocarbon chain – a vital component of the energy mix for any country and its impact on economy and environment as a whole. “The theme is a reminder to all of us to make persistent efforts to make available energy, a key driver of the economy and development, at an affordable cost without harming the ecology,” he addressed.
Elaborating success stories in the Petroleum Sector, Shri Deora said that this year we will implement a 5% Ethanol Blended Petrol by procuring an estimated 550 million litres of Ethanol. “We plan to enhance this programme to a 10% blend shortly”, he added. Under the Blue Sky Policy of the Government, Shri Deora said that the use of CNG is being implemented for the mass transportation systems. “In my opinion it was the most important step in controlling the climate damage through introduction of CNG in the transport sector”, he opined. The Minister also emphasized that in order to shield the growing economy and the people from the adverse impact of oil price hike, the Indian Government and the national oil companies are absorbing 87% of the difference between the cost of imports and domestic oil prices. The price of LPG is being maintained at the 2004 level and that of kerosene to the poor and the vulnerable at the 2002 level of 20 cents per litre.
The Minister of State for Petroleum & Natural Gas Shri Dinsha Patel informed that apart from the efforts to accelerate exploration and production under NELP, Government is working on a policy to exploit alternative sources of hydrocarbon. These include Coal Bed Methane, Natural Gas Hydrates and Underground Coal Gasification.
The Petroleum Secretary, Shri M.S. Srinivasan in his special address during Theme Session-I emphasized the relevance of the conference theme, “Energy, Economy, Equity and Ecology”. He pointed out that energy was critical to economic growth which in turn should be equitably distributed to reach entire population. Shri Srinivasan emphasized that ensuring distributive sharing of the fruits of development is the basic premise behind the subsidies given to the marginal sections of society.
Petrotech-2007 provides an effective platform for all players and stakeholders in the oil and gas sector to interact, discuss and learn from one another about the emerging knowledge, techniques and technology in the entire chain of petroleum industry. This will also be an opportunity to drive maximum advantages for developing alliances and joint ventures to benefit from each others core competencies, know how and expertise.
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(Release ID :24092)