To encourage
exploration and production of new sources of energy the Government
has formulated a Coal Bed Methane (CBM) policy, under which it
has awarded 8 blocks. This is the first time that CBM would be
tapped in the country. Therefore, the deliberations of the Petrotech
2003 will open the doors for this new technology for India. Shri
Ram Naik said this while he was inaugurating the Petrotech 2003
Exhibition, here today. Narrating the tremendous investment opportunities
in the Hydrocarbon sector, Shri Naik informed that about Rs. 1,70,000
crore of investment is expected in the oil sector during the Tenth
Plan period. Of this, Rs. 1,00,000 crore has been approved in
the Tenth Plan Document for investment by Oil PSUs and another
Rs. 60 - 70 thousand crore are expected to be made by the Private
Sector. He called upon the various stakeholders to further cut
down on the time taken in completing projects. This would go well
with the government's target of achieving 8 per cent GDP growth
rate.
Shri Naik hoped that the Exhibition would showcase
the immense opportunities in India’s Hydrocarbon industry in line
with the theme of the 5th International Conference
& Exhibition, Petrotech 2003 -- "Global Cooperation for
Hydrocarbon Technology". While doing so, it will also pave
the way for firming up of strategic alliance with technology-rich
international oil companies. The Minister said that the burgeoning
demand for energy has brought changes in the market environment
and in policies.
Speaking on the occasion Shri Santosh Gangwar,
Minister of State for Petroleum & Natural Gas expressed confidence
that the Petrotech-2003 Exhibition will be the confluence point
for Exploration and Production companies, service providers, institutions
and professionals to showcase their technology and to share experiences
and exchange business interests. The largest petroleum event in
India, Petrotech 2003 covers the entire spectrum of the petroleum
industry including upstream, downstream, refining, marketing and
distribution. Petroleum Secretary Shri B.K. Chaturvedi also deliberated
on the strength and opportunities in the Hydrocarbon Sector in
India, particularly, thrown up to the entrepreneurs, researchers
and other stakeholders in the wake of the deregulation of oil
sector w.e.f. 1.4.2002.
Following the inauguration of Exhibition of Petrotech
2003 today, the deliberations at the Conference gets underway
tomorrow.
