Petroleum Minister Shri Dharmendra Pradhan emphasizes on turning the challenge of Low Oil Prices into an opportunity to upscale production
Petroleum Minister Shri
Dharmendra Pradhan emphasizes on turning the challenge of Low Oil Prices into
an opportunity to upscale production
The Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra
Pradhan inaugurated the three day SPE Oil and Gas International Conference
organized by the Society of Petroleum Engineers in Mumbai today.
Shri Dharmendra Pradhan
sharing his thoughts
Speaking on the occasion, Shri Dharmendra Pradhan said that the low oil prices
are a challenge to the upstream industry but it has also resulted in lowering
the cost of exploration and related services and we need to convert this
challenge into opportunity to upscale production.
Shri Pradhan said that only half of India’s sedimentary basins have been
explored and there is an immense potential in the remaining half. Exploration
of the remaining half should be taken up on top priority in order to curb
imports by ten percent by 2022 as envisioned by the Prime Minister.
Shri Pradhan emphasized on the aptness of the conference
theme of “Converting Resources into Production” and shared the various Policy
initiatives of the Government like uniform licensing policy, pricing and
marketing freedom and easy to administer revenue sharing models.
Shri Pradhan pointed out that suitable project management and technology
innovation can resolve half of the problems of upstream oil companies even
under the volatile price regime.
Shri K D Tripathi, Secretary MoPNG said that besides conventional oil we need
to look at the potential of unconventional sources like shale oil and gas, CBM,
Gas Hydrates etc. Shri Tripathi noted that the second Gas Hydrate Program which
has been completed recently has shown remarkable potential, which needs to be
tapped .
Shri U P Singh, Additional Secretary MoPNG shared the interventions of
the government in increasing the exploration activity like Pre NELP, NELP and
subsequent new formula for gas pricing, policy on marginal fields, uniform
licensing policy, freedom of pricing, open acreage policy and the role of
Maximum Government and Minimum Governance. He said the government was proactively
taking all possible measures to provide a conducive environment to both Indian
and foreign firms so that E&P activity in India could be developed.
In his address Shri D K Sarraf , CMD ONGC said that
this is not the first time that the oil sector is facing the challenge of low
pricing .Shri Sarraf emphasized on the need for resilience in financial ,
operational and portfolio management to stay afloat in the current market
scenario. He stressed on the need for innovative approach and stressed on the
need to monetize the marginal fields, managing the deepwater, and reversing the
tide.
In his welcome address Shri T K Sengupta, Director (offshore) presented an
overview of the conference particularly at a time when oil sector is passing through
a critical juncture world-wide.
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