According to reports, oil major ONGC on Thursday raised serious concern over the precarious energy scenario in the country where the demand is growing at a much faster pace than the supply.
“It is imperative that we leverage the knowledge pool, technology and available resources to increase production,” said N K Verma, Director ONGC (Exploration) speaking at lecture on the foundation day of the Keshava Deva Malaviya Institute of Petroleum at ONGC’s headquarters here.
Verma further added that ONGC is expanding its horizons and growing from a pure E&P company to an integrated energy company.
Speaking on the issue of energy security and a sustainable approach, Prabir Sengupta, a fellow of The Energy and Resources Institute (TERI) said that in 1984-85, India had attained 80 per cent self-sufficiency in oil whereas currently 80 per cent of the oil requirement is being imported. “The factors for increase in the demand are numerous and why our country has been unable to expand supply of energy is of major concern for all of us,” Sengupta said.
He focused on the various actions initiated by the government but emphasised that there is a lot more to be done if India dreams to become energy independent. An aggressive thrust for renewable energy, integrated urban transport, energy efficiency in industrial and domestic sector, optimisation of bio-fuel resources and rational energy pricing could be the way forward for India’s energy graph, Sengupta said.
David Mullins, Senior Director PFC Energy’s Upstream Practice gave an insight into the “E&P competition and challenges through 2020”. He gave a lucid presentation on the rapidly changing business practices in the global energy scenario. With oil being replaced by LNG and future outlook for shale gas, oil market dynamics and prices have made the environment extremely competitive, he said.
Many oil companies have witnessed a decline and only those companies which can identify the market potential and adapt to it are in a position to survive, he said.
He said that beyond 2020 if international shale takes off like North America, the World will witness a major shock to global supply and demand balances.