MUMBAI, NOV 14: With liberalisation in India, a number of policy initiatives have been taken by the Government of India. The latest in the series is the New Exploration Licencing policy, says Prabir Sengupta, secretary, ministry of Petroleum and Natural Gas.Sengupta, while delivering his keynote address at the inaugural function of `ONGC Institutes-Industry Meet' at Panvel near Mumbai this morning, said: ``The latest offering of Navratna, (nine companies chosen for granting autonomy to become global giants), is recognition of ONGC's standing in the petroleum industry and realisation of the need of autonomy in the changed global scenario and emerging domestic realities.The idea of this meet was mooted to bring various institutes of petroleum exploration like Keshava Dava Malaviya, Geodata processing and interpretation centres, among others for maintaining a success ratio of exploratory wells in the range of 1:3 to 1:5.ONGC today operates 78 oil fields and is uniquely endowed among countries in the South East Asian region with the capability to design and manage thermal recovery projects.Bikash Bora, CMD, ONGC, said the world trend of globalisation of national economies, combined with increasing stress on finite petroleum resources and demand-supply scenario, has resulted in increasing privatisation all over the world enabling them to access global markets.
