The
world waits for no one, with rapid strides in the field of unconventional oil
sources and new technologies, countries world over have started taking
effective measures to safeguard their energy needs as the crude oil prices have
been highly volatile in past few decades. As per international Energy Agency,
India, China and west Asia will account for 60% of worlds energy demand by
2035. One of the ways in which India can work towards achieving more is by promoting
effective oil conservation strategies.
Some of the steps that the country needs to take are:
- Improve the recovery factors of existing reservoirs
- Promote exploration and production of Shale Oil and Shale Gas in the country
- Increase the pipe line network
- Build smarter refineries
- Develop alternate sources of energy
- Use of state of the art advanced IT solutions
- Utilize the vast manpower
- Maintain safety standards
It is entirely up to India as to what it intends to achieve. Being energy - independent should be the primary aim of the country.
I agree with all your points. However, I strongly believe that with the current technology and conventional/unconventional oil reserves of India it will be nearly impossible for supply to meet the demand (at least in next 10-15 years). Thus, it is essential for India to secure diversified sources from the foreign land. I hate to say this but unlike us our Chinese counterpart have been aggressively securing their sources of oil around the world including Western Canada, US, Brazil and west African counties like Sudan. A steady supply of oil, which meets demand, will practically reduce the price volatility to minimum.
ReplyDeleteIt is true that the exploration and production activities of India have not been up to the mark, and none of the E&P companies have achieved their annual targets. The CAG ( Comptroller and auditor general) has in fact severely criticized one of the biggest oil companies for being lethargic towards its E&P initiatives.
DeleteHowever, the E&P scenario looks promising owing to the initiatives of OVL ( ONGC Videsh Limited) which has around 27 projects in 14 countries. One of the biggest success of OVL would be acquisition of 8.4% stake from US giant conoco phillip's in kashagan feild ( Kazakstan) which is one of the largest discoveries of recent times.
Indeed we lag behind china in E&P activities and overseas acquisitions , but there are several factors like Red tape, clearance issues which are major hurdles for several oil companies in India.
Kazakstan is indeed a great success story.
DeleteJust wanted to share the link given below. Hope it proves to be a good read to you.
http://www.ogfj.com/content/dam/ogfj/focus-reports/1112OGFJ%20India%20pt2.pdf
This is indeed very handy information, I hope you are aware of the 'Hydrocarbon Vision 2025'..
ReplyDeletehttp://webcache.googleusercontent.com/search?q=cache:hXhPEYrXj4QJ:petroleum.nic.in/vision.doc+&cd=1&hl=en&ct=clnk&gl=in