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Prime Minister, Dr. Manmohan Singh informed here today that Government is exploring the possibilities of restructuring oil PSUs to make them globally competitive. He assured that Government will help in the growth of strong and vibrant public sector which can compete on equal footing with the private sector on the same terms and conditions . “While the efforts of ONGC –Videsh and Indian Oil Corporation are laudable, there is still some distance our firms have to travel to catch up with global competition”, he added. The Prime Minister urged upon oil and gas PSUs to think big, think creatively and think boldly. To make use of global opportunities, a greater degree of professionalism is required in the management of oil and gas PSUs and in formulation of energy security strategies. The Prime Minister was speaking while inaugurating Petrotech- 2005 - International Conference and Exhibition with the theme, “Value from Hydrocarbons : Advances in Science and Technology”. The Exhibition component of the event was inaugurated by Petroleum Minister Shri Mani Shankar Aiyar yesterday.
Referring to pricing of energy, Dr. Singh said that the rational approach to energy pricing is integral to any strategy aimed at improving energy efficiency and reducing adverse environmental impact of energy consumption. He asserted that technology driven hydro-carbon sector has new winners in those firms which have grip on emerging new technologies. Many industry solutions are being provided by jointly-funded Research Universities. As a country with tremendous S&T and R&D capability, we can and must play a leading role in shaping the future course of energy science including the development of alternative source of energy.
Speaking on the occasion, Shri Mani Shankar Aiyar emphasized the role of ‘thinking out of box’ particularly in the application of science and technology to petroleum sector. This is important for improving our self-sufficiency from the present 30% which once stood at 60% in 1980s and is slated to fall to 15% in the next 20 years if accelerated reserve accretion does not take place. The significant role of technology in Indian geological conditions is exemplified from the fact that 90% of oil deposits in Saudi Arabia comes from millions of year old formations whereas in India, we have reverse situation where 90% deposits come from relatively young formations. The oil here lies beneath layers and layers of rocks for which technological solutions will have to be found by us. The solutions available at present addresses foreign geological settings. He threw a challenge on the oil industry for conceiving new ideas, which at times could be risky. Shri Aiyar stressed the importance of new ideas in oil exploration when he said “We usually find oil in new places with old ideas. Sometimes we also find oil in an old place with a new idea. But seldom much oil is found in an old place with an old idea. Several times in the past, we had thought that we are running out of oil whereas we were running out of ideas” Petroleum Minister dwelt upon several dimensions of technological uses and the aspects of improving the performance of oil PSUs in oil sector for which he called upon adopting the team work culture of the Japanese.
Prime Minister also gave away the Lifetime Achievement Awards instituted by Petrotech Society. These awards were given to Shri P.K. Dave, former Petroleum Secretary (1970-76); Shri S.N. Talukdar, former Member (Exploration) Oil and Natural Gas Commission(1981); Dr. P.K. Mukhopadhyay, former Chairman, IOC (1990) and posthumously to Late Shri C.R. Dasgupta, former Chairman, IOC (1974).
RCJ/NSR
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