Govt aim­ing to re­duce crude oil im­port by 10% by 2022: Prad­han

IN­DIA SAID IT PLANS TO RE­DUCE CRUDE OIL IM­PORT BY 10 PER CENT BY 2022 TO EN­SURE EN­ERGY SE­CU­RITY WITH OIL AND PETROLEUM MIN­IS­TER Dhar­men­dra Prad­han HIGH­LIGHT­ING THE GOV­ERN­MENT’S BID TO ACHIEVE SELFSUFFICIENCY BY EN­HANC­ING IN­DIGE­NOUS PRO­DUC­TION OF PETROLEUM

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This is a key step of the larger plan to en­sure ‘ En­ergy Se­cu­rity’ for the coun­try,” he said while ad­dress­ing Asian oil and gas industry ex­ec­u­tives at the launch a road show for dis­cov­ered small fields with re­serves of 650 mil­lion bar­rels of oil and gas which are be­ing of­fered for ex­plo­ration.

He high­lighted “the gov­ern­ment goal of re­duc­ing crude oil im­ports by 10 per cent by 2022. Crude oil im­port cur­rently ac­counts for 70- 75 per cent of In­dia’s to­tal crude oil con­sump­tion”. “Aligned with its cherished goal of en­hanc­ing in­dige­nous pro­duc­tion of crude oil, the gov­ern­ment has come up with a new pol­icy - Hy­dro­car­bon Ex­plo­ration and Li­cens­ing Pol­icy ( HELP),” Prad­han said.

HELP is a mar­ket- driven pol­icy frame­work which fo­cuses on pro­vid­ing op­er­a­tional flex­i­bil­ity to the mar­ket play­ers, and strives to make the sys­tems more ef­fi­cient as well as ef­fec­tive. In­dia wants to bring in more en­trepreneurial ven­tures into the Ex­plo­ration and Pro­duc­tion sec­tor, as well as in­ter­na­tional in­vestors to in­dus­tri­alise the en­ergy pro­duc­ers. “In line with gov­ern­ment’s pol­icy on ‘ Max­i­mum Gov­ern­ment, Min­i­mum Gov­er­nance’, we want to bring in more en­trepreneurial ven­tures into the E& P sec­tor. We recog­nise that the need of the hour is to in­crease the do­mes­tic en­ergy pro­duc­tion by

un­lock­ing In­dia’s hy­dro­car­bon po­ten­tial.

“We strongly be­lieve that sus­tain­able in­crease in the do­mes­tic pro­duc­tion of oil and gas will not only counter the en­ergy con­straints that we face, but also make us self- suf­fi­cient in meet­ing our en­ergy needs,” Prad­han added. More­over, Oil and Petroleum Min­is­ter Dhar­men­dra Prad­han while seek­ing to pro­vide af­ford­able en­ergy to the In­dian con­sumers said that, the gov­ern­ment has in­tro­duced trans­par­ent poli­cies through the dereg­u­lated mar­ket for global play­ers to in­vest in re­finer­ies and petro­chem­i­cal plants. Launch­ing a road show which of­fers 67 dis­cov­ered small fields, clus­tered into 46 con­tract ar­eas, for pro­duc­tion and sup­ply of oil and gas to the In­dian mar­ket, he said In­dia is seek­ing global in­vestors for its en­ergy sec­tor to cre­ate com­pe­ti­tion in the do­mes­tic mar­ket with the main ob­jec­tive of pro­vid­ing com­pet­i­tively priced prod­ucts to the con­sumers.

“Con­sumers are the kings in In­dia. We want to pro­vide af­ford­able en­ergy to our con­sumers,” Prad­han said, stress­ing that par­tic­i­pa­tion by big en­ergy play­ers like Saudi Aramco, Shell, Bri­tish Petroleum, Ros­neft among oth­ers is im­por­tant for de­vel­op­ing and in­dus­tri­al­is­ing the en­ergy sec­tor in In­dia. He was con­fi­dent of at­tract­ing global in­vestors, say­ing in­ter­na­tional en­ergy com­pa­nies were eye­ing the In­dian mar­ket, which has the fastest en­ergy de­mand growth in the world. “Ros­neft ( for one) is eye­ing In­dian mar­ket,” Prad­han said, point­ing to the Rus­sian en­ergy group’s on­go­ing ne­go­ti­a­tions with In­dia’s Es­sar Group for par­tic­i­pat­ing in the re­fin­ing sec­tor.

“When we are talk­ing about free and trans­par­ent poli­cies, we have to open our mar­ket. Con­sciously, we have dereg­u­lated our mar­ket and we are giv­ing grad­u­ally price and mar­ket­ing free­dom to the in­vestors,” he told re­porters af­ter launch­ing a Road Show on In­dia’s dis­cov­ered small fields. In­dia has in­tro­duced trans­par­ent poli­cies through the dereg­u­lated mar­ket for in­ter­na­tional in­vestors to in­vest in re­finer­ies and petro­chem­i­cal plants. This would help pro­vide af­ford­able en­ergy to the In­dian con­sumers, Prad­han said. He has brought a del­e­ga­tion of se­nior min­istry of­fi­cials and chief ex­ec­u­tives of cor­po­ra­tions in In­dia to see how Sin­ga­pore had de­vel­oped the Jurong Petro­chem­i­cal com­plex among other en­ergy fa­cil­i­ties. A del­e­ga­tion com­pris­ing se­nior oil min­istry of­fi­cials and chief ex­ec­u­tives of cor­po­ra­tions is here to see how Sin­ga­pore has de­vel­oped the Jurong Petro­chem­i­cal com­plex. Its ob­jec­tives are to de­velop deeper re­la­tion­ships with com­pa­nies here.

GREEN AP­PROVAL FOR IN­DIAN OIL PETRONAS TO EX­PAND HALDIA LPG TER­MI­NAL

In­dian Oil Petronas has re­ceived en­vi­ron­ment clear­ance for ex­pan­sion of its LPG im­port/ ex­port ter­mi­nal at Haldia at a cost of Rs 75 crore. In­dian Oil Petronas Pvt Ltd ( IPPL) has pro­posed to ex­pand its LPG ter­mi­nal at Haldia, West Ben­gal, from 31,500 tonnes to 36,900 tonnes. The pro­posed ex­pan­sion is ex­pected to im­prove sup­ply of LPG in the state. “Based on the rec­om­men­da­tions of the Ex­pert Ap­praisal Com­mit­tee ( EAC), the En­vi­ron­ment Min­istry has given the en­vi­ron­ment clear­ance to IPPL’S LPG ter­mi­nal ex­pan­sion project at Haldia,” a se­nior gov­ern­ment of­fi­cial said. The clear­ance given to the project is sub­ject to cer­tain con­di­tions.

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