Moily sets ambitious target of energy independence by 2030
Updated: Mar 25, 2013 08:23:54pm
New Delhi, Mar 25, (KNN) Minister for Petroleum and Natural Gas M. Veerappa Moily has said that his government will work towards securing energy independence for India.
Addressing the National Editors' Conference here, Moily said that he has rolled out new vision and set ambitious targets to reduce crude oil imports by 50 per cent by 2020, 75 per cent by 2025 and eventually achieve self-sufficiency and energy independence for India by 2030."
"This is possible, he emphasised, as only 73 billon barrels out of 205 billon barrels of prognosticated hydrocarbon resources have been established so far, leaving 133 billion barrels to be unlocked," he added.
To speed of implementation of new exploration programmes across the country, Petroleum Ministry recently constituted a committee under the Chairmanship of Vijay Kelkar, to prepare a roadmap for enhancing domestic production of oil and gas and sustainable reduction in import dependency by 2030.
Stressing need for increasing domestic oil and gas production, he said: "Our government will make every effort to reduce nation's dependence on imported oil."
The Minister further said the government is working to create enabling and conducive environment to promote investments, by making fiscal terms that are simple to administer. Towards this direction, recommendations of a committee setup by the Prime Minister under the Chairmanship of C Rangarajan, are under consideration of the government.
He also said that the recently set up Cabinet Committee on Investments (CCI), a committee to fast-track large-delayed projects, has already given clearance for 5 out of 7 exploration blocks in the No Go area.
"We have had series of meetings between the Ministry (MoPNG) and the MoD, and we are very close to resolution based on the principle of co- existence of both National and Energy Security requirements", he added.
Calling for ushering Shale Gas Revolution, Moily announced that Shale Gas Policy will soon finalised to give impetus to domestic gas production.
"Much like the United States of America, Shale Gas can emerge as an important new source of energy for our nation. India has several shale formations, which seem to hold shale gas and are spread over several sedimentary basins such as Cambay, Gondwana, Krishna-Godawari on-land, and Cauvery. To explore and exploit the shale formations, the DGH has initiated steps. It will identify prospective areas for shale gas exploration," he said. (KNN)
Addressing the National Editors' Conference here, Moily said that he has rolled out new vision and set ambitious targets to reduce crude oil imports by 50 per cent by 2020, 75 per cent by 2025 and eventually achieve self-sufficiency and energy independence for India by 2030."
"This is possible, he emphasised, as only 73 billon barrels out of 205 billon barrels of prognosticated hydrocarbon resources have been established so far, leaving 133 billion barrels to be unlocked," he added.
To speed of implementation of new exploration programmes across the country, Petroleum Ministry recently constituted a committee under the Chairmanship of Vijay Kelkar, to prepare a roadmap for enhancing domestic production of oil and gas and sustainable reduction in import dependency by 2030.
Stressing need for increasing domestic oil and gas production, he said: "Our government will make every effort to reduce nation's dependence on imported oil."
The Minister further said the government is working to create enabling and conducive environment to promote investments, by making fiscal terms that are simple to administer. Towards this direction, recommendations of a committee setup by the Prime Minister under the Chairmanship of C Rangarajan, are under consideration of the government.
He also said that the recently set up Cabinet Committee on Investments (CCI), a committee to fast-track large-delayed projects, has already given clearance for 5 out of 7 exploration blocks in the No Go area.
"We have had series of meetings between the Ministry (MoPNG) and the MoD, and we are very close to resolution based on the principle of co- existence of both National and Energy Security requirements", he added.
Calling for ushering Shale Gas Revolution, Moily announced that Shale Gas Policy will soon finalised to give impetus to domestic gas production.
"Much like the United States of America, Shale Gas can emerge as an important new source of energy for our nation. India has several shale formations, which seem to hold shale gas and are spread over several sedimentary basins such as Cambay, Gondwana, Krishna-Godawari on-land, and Cauvery. To explore and exploit the shale formations, the DGH has initiated steps. It will identify prospective areas for shale gas exploration," he said. (KNN)
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