HYDERABAD: Oil and Natural Gas Corporation (ONGC) Chairman and Managing Director R.S. Sharma has said that tapping the right renewable source of energy was a major concern for a highly import dependent economy like India.
India was neither comfortable with geothermal, solar and wind energy nor found exploration of oil and gas encouraging, he said, while speaking at an international conference on petroleum geophysics here on Monday. The three day event is being organised by the Society for Petroleum Geophysicists (SPG), India.
Mr. Sharma called for exploration and production of oil and gas in a big way at affordable cost as hydrocarbons were the most convenient way of energy. However, he regretted that the fields in the sector were on decline in the country.
The hydrocarbon industry was faced with the challenge of ensuring greenhouse gas emissions with least damage to environment. The industry was at crossroads today also because of rising cost and volatility of business. The players in trading business added to the worries by turning speculators and hoarders, he added.
Later, Mr. Sharma told media persons on the sidelines of the conference that there was need to incentivise exploration activity as the oil and gas sector lacked major investments.
Director (Exploration) of ONGC D.K. Pande said the consumption of petroleum by India was likely to go up from 3 million barrels a day now to 7.5 million barrels a day by 2025. However, the domestic production of oil and gas was only 27 per cent of the demand. The country spent more than US $ 28 billion a year to import 73 per cent of its crude oil requirement. Mahmoud Abdulbaqi, president of European Association of Geoscientists and Engineers, and Stephen J. Hill, president of Society of Exploration Geophysicists of US, also spoke.
A retired geophysicist D.N. Avasthi was presented life time achievement award.