Chandra: New game plan
New Delhi, April 18: Multiple co-ordinated strategies based on research need to be taken up to improve the country’s energy security, oil secretary Saurabh Chandra said here today.
“The country needs a multi-pronged and co-ordinated approach of focused research in multi-disciplinary fields. There is no single answer to the question of energy security,” Chandra said at the International Symposium of Fuels & Lubricants, organised by Indian Oil Corporation.
Chandra stressed the need for a time-bound action plan to carry out research and development to improve energy security in all sectors.
Indian Oil chairman R.S. Butola said, “It is times like these when refining margins are under stress that bring out the best innovations. The industry needs to focus on renewable sources to achieve energy security.”
At present, the country imports about 73 per cent of its energy needs.
Oil minister Veerappa Moily has rolled out an ambitious plan to make the country self-sufficient in oil in another 15 years — the aim being to slash imports by 50 per cent by 2020 and 75 per cent by 2025.
India has an estimated sedimentary area of 3.14 million sq km, comprising 26 sedimentary basins. At present, exploration is being done in over 0.93 million sq km in 19 basins.
As of now, 73 billion barrels of oil and oil equivalent gas reserve could be established through exploration, out of the 205 billion barrels of hydrocarbon resources. Therefore, around 133 billion barrels of estimated resources remain to be unlocked.
The ministry has set up the Vijay Kelkar committee to chart out a road map to make the country energy independent by 2030.
Officials said the government had increased its focus on enhancing reserves and production through increased domestic exploration and by securing equity oil assets overseas.