Oil companies should work together for energy security:Deora

New Delhi, Apr 23 (UNI) Petroleum and Natural Gas Minister Murli Deora today said capacity constraints across entire hydro-carbon supply chain is causing a major concern for global supply.

In this new phase, it is important to establish synergy between producers and consumers, innovation and investments and short term needs and long terms goals, Mr Deora said while addressing a high level Ministerial Conference of the 10th International Energy Forum at Doha, Qatar, on the subject of ''Facing the Challenges of New Era.'' Timely initiatives could convert these challenges into opportunities, he said and called for oil companies, both national and international, working together for energy security, an official press note said quoting the Minister.

Amid the scare of oil shortage, oil reserve estimates have actually increased overtime and of late major hydrocarbon discoveries have been made. Technology could significantly increase the oil recovery from the existing reservoirs of oil.

Referring to sharp increase in oil prices from around 12 dollars a barrel to 75 dollars a barrel in past 6-7 years, Mr Deora opined that the growth in energy demand will continue as the general growth momentum of the 20th Century will be maintained in the foreseeable future.

The Minister said oil and gas would continue to be an important economic driver in the next 25 years as replacement of fossil energy with alternatives would take several decades and investment in research and development and facilities for alternative would need to be the order of 200 billion to 400 billion dollars a year for the next 20 years.

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