Shri Deora inaugurates Society of Petroleum Geophysicists Conference

16 Jan '08

3 min read

The Minister of Petroleum & Natural Gas Shri Murli Deora has emphasized at Hyderabad that the Government of India and Oil Companies have taken several steps to enhance energy security for the country.

These inter-alia include: (a) increasing exploration and production activities in the country (b) acquiring oil and gas assets abroad (c) development of alternate sources of oil and gas (d) strategic storage of crude oil (e) conservation and implementation of environment friendly policies.

He was speaking after inaugurating 7th International Conference & Exposition of Society of Petroleum Geophysicists.

The Minister underlined that economic growth rate of 8% to 10% in the country calls for rapid development of the energy market.

Shri Deora added that the development of E&P sector has been significantly boosted through New Exploration Licensing Policy(NELP), which brought major liberalization in the sector and opened it up for private and foreign investment allowing 100% Foreign Direct Investment (FDI).

With exploration and development efforts made under NELP, natural gas production in the country is likely to double by the end of 11th Five Year Plan (2007-12) from the present level of about 87 million standard cubic metres per day (MMSCMD).

Besides, Indian PSUs and other private companies have presence in more than 20 countries with ONGC Videsh Limited maintaining a leading role by producing about 8 Million tonnes of oil and oil equivalent of gas.

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