Petrotech takes off on energy promises

He said that the country was moving towards this protection through an intensified exploration, equity oil from abroad, enhanced recovery and by tapping emerging sources such as coal gasification.

Petroleum Minister Murli Deora also assured that the multi-pronged strategy had been put in place to secure energy. However, he pointed out the need of making available these fuels at an affordable cost.

Citing the UN-Energy report, which says that the current availability of energy services fail to meet the needs of the poor, Deora emphasised that more focus was required on sustainable availability to all sections of society at an affordable cost.

Indian economy, which is now growing at 8-9 per cent annually, is expected to achieve double-digit growths in the coming years. It imports 70 per cent of its consumption of hydrocarbons that account for 45 per cent of its energy basket.

However, in the face crude oil price surge, the government and its oil companies are absorbing a large chunk of the difference between the crude cost and product prices to shield the growing economy and the people.

Oil-rich Nigeria has agreed in principle to lease two proven oil fields to Indian Oil Corporation (IOC) in exchange for setting up a 6-million tonnes per annum (mtpa) grassroots refinery project in Edo state. The project has been under discussion since 2004.

IOC’s investment in the West African country may go up substantially with Nigeria considering the offer of an additional oil field to the Indian oil major if it invested in an LNG project. This was discussed at a meeting between petroleum minister Murli Deora and Nigerian oil minister Edmund Daukoru on Tuesday.