New Delhi, Mar 6 (UNI) Despite the surging energy prices, the need to fuel the growing demands has helped in the expansion of exploration projects of oil and gas across the globe and optimising the usage will help in conserving as well as better utilisation of the already depleting resources.
Appreciating the beneficiaries of NELP on the exploration and production, GAIL India CMD U D Choubey said, ''due to NELP and new discoveries of oil fields, the oil production in India is about to rise.'' Globally, there is a gradual movement towards an integrated LNG market, and 17 per cent of LNG reserve is situated in the Asian region, which can work wonders for the development of the region.
However, there should be commensurate infrastructure in India for better delivery of oil and gas, he added.
He noted that while the cost of production of LNG is going down, the cost of shipping of LNG is north bound, which is a paradox.
He said there has been a transformation to a complex heterogeneous scenario for gas from a simple scenario due to the consortium system.
Looking at the surging demand for energy, he also emphasised on the need for production of other sources of energy like solar, hydro or nuclear.
As the global crude prices rise, ONGC CMD R S Sharma anticipates the price to soar above two digit level, which is a growing concern for the country.
Pointing at the deficit with the oil companies, he said the recovery factor of oil for ONGC is about 28-29 per cent against the target of 40 per cent.
Technology is one of the key factors in case of oil industry and that needs to be focussed on.
New Hydrocarbon reserves have to be discovered, while the reserve replacement ratio has to increase, Mr Sharma said.
He added that more marginal fields should be brought in to production and said demand side management should be emphasised to optimise the use of energy.
Sources of non-conventional energy like coal block methane have to be explored, Mr Sharma said.
UNI PDT BJR DS1201