PETROLEUM SECRETARY CALLS UPON OIL COMPANIES TO GEAR UP FOR EMERGING COMPETITION

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Shri B.K. Chaturvedi, Secretary, Ministry of Petroleum & Natural Gas, has called upon the oil companies to gear up for facing the challenges emerging in the de-regulated Indian Hydrocarbon Sector. The oil companies will have to focus on bringing in excellence in the operations as the value addition in oil sector is marginal. The potential for growth of Indian Hydrocarbon sector is tremendous in view of a large area both in the offshore and onland remains untapped for the possibility of having hydrocarbon resources. Shri Chaturvedi said this while speaking at a Convocation function to give away certificates of International MBA Programme of Indianoil Institute of Petroleum Management (IIPM), at Gurgaon, near Delhi, today.

The Petroleum Secretary emphasised that there was a need to realise full potential which exists in hitherto largely unexplored areas such as Bay of Bengal, Western Offshore (other than Mumbai High), onland areas in Northern India, etc. The Government has already initiated steps in this regard as the country is self-sufficient to meet its requirements of crude oil to the extent of about 30 per cent. Another challenge that needs focus is acquiring equity oil overseas. Recently, some excellent efforts have resulted in obtaining 20 per cent stake in Sakhalin-I oil fields in the far-east of Russia. Similarly, efforts are on to acquire acreage in Sudan, Iran, Iraq, Libya, etc.