Newly-appointed Petroleum and Natural Gas Minister Veerappa Moily, on Monday, said his priority would be to fast-track the decision-making process and avoid delaying investments in the oil and gas sector.
Addressing reporters after taking charge, Mr. Moily said he would lay emphasis on intensifying exploration and production activity within the country in order to reduce dependence on imports. Lauding his predecessor for setting a high standard of probity in administration, Mr. Moily said many a time decision-making was avoided. “But this is not the solution, and we need to work seriously to address this issue.”
Mr. Moily said the issue of state retailers suffering losses by selling fuel below cost would be addressed by bringing in efficiencies and not by cutting subsidies. “Investment will have to be attracted by creating a conducive policy environment,”he remarked.
Mr. Moily said the per capita consumption of petroleum products was also a matter of concern. “India's picture is not at all happy. It is approximately 1.2 barrel per person per year.
“Our endeavour would be to bring up consumption to a decent level of 6 barrels per person per year. We have to prepare a roadmap for that,” he said.
Asked about the Reliance Industries Limited’s demand for gas price revision and also its accusation of delays in decision-making, Mr. Moily said: “When I say decisions are to be taken quickly, it means everything. It is not to benefit one or two individuals or companies. It is to benefit of the country and its people,” he added.
Keywords: Veerappa Moily, oil consumption, Indian economy, economic growth
Bringing India's oil consumption from 1.4 to 6 barrels per person per year is equal to increasing the oil consumption of India from 4.3 to 18.4 million barrels per day. For reference, US consume approximately 18-19 million barrels of oil per day. Roughly we need extra 14 million barrels per day to meet Moily's suggestion. This is almost equal to twice what Saudi exports today. (Saudi Arabia is the largest oil exporter today). We will never reach this cause the earth doesn't hold this much oil. Also most of the oil India use is imported. No country in the world can export this much oil.
I think most of our ministers don't have any idea about what they are saying. They just say whatever comes to their mind.
How strange! This is like wanting to enlarge the hole in a sailing ship
and saying we need to let more seawater in...
This government is not for the good of the citizen, good for US business houses only. Govt. do not bother about food intake, but only oil intake, that too in the interest of the business houses..
I had to check to make sure it isn't 01st April.
Why is he targetting more oil consumption per person per year ? More oil consumption will mean more demand, more demand means more oil cost inflation & also more pollution. Does he understand what is he saying ? Why doesn't the government aim for more food consumption instead ? Isn't that the necessity of today ?
That's a very strange way to look at things ...
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