Krishna calls for judicious and sensible use of hydrocarbons

External Affairs Minister S.M. Krishna on Monday said India was confident of a positive outcome from the Copenhagen global climate summit. He also called for judicious and sensible use of hydrocarbons that were mainly responsible for global warning.

Addressing the second India-Africa Hydrocarbons Conference here, Mr. Krishna said: “India remains hopeful of success at Copenhagen in achieving an outcome, containing substantive and enforceable commitments which are equitable and supportive of economic growth, especially in developing countries.”

‘Objective’

Underlining the importance of Prime Minister Manmohan Singh’s attending the conference, Mr. Krishna said: “India has conceived its response to climate change, as part of a broader strategy for ensuring sustainable development. Our objective is to bring about changes in the kinds of energy we produce and consume, while remaining mindful of our resources constraints, environmental concerns and imperatives of economic development. Let us hope that from the point of view of developing countries, Copenhagen conference will be very helpful in trying to come out with ideas and solutions, which will be helpful for the development of developing countries.”

Partnership with Africa

Pointing out that India offers a complementary and mutually advantageous hand of partnership to Africa’s hydrocarbon sector, Mr. Krishna said: “Global energy trends suggested that the demand for oil had peaked in the developed world. The new global claimants for oil are now located in Asia, including India, where a rapidly growing economy is driving our demand for energy. India would need to depend upon 90 per cent oil and 60 per cent gas imports by 2030-31. Presently, about 15 percent of India’s crude oil imports came from Africa, but we can do with more.”

Nigeria’s Presidential Adviser on Energy Matters Dr. Emmanuel Egbogah invited Indian companies to operate in the Nigerian oil and gas sector. He expressed confidence that Indian investments in Nigeria would be profitable and would secure India’s energy supply needs.

“Nigeria was undertaking a comprehensive reform of its oil and gas industry and proposed to deregulate its downstream sector. These reforms would create opportunities for foreign companies to take part in the development of the Nigerian and other African economies,” he added.

Petroleum and Natural Gas Minister Murli Deora expressed India’s desire to participate in upcoming exploration and production opportunities in Angola, Ghana, Sudan, Nigeria, Uganda and Cote D’Ivoire. “Our companies are also interested in farm-in opportunities in producing blocks especially in Libya, Algeria and Egypt. In efforts to broad base our activities, ONGC Videsh Limited is discussing setting up of a Greenfield refinery in Nigeria,” he added.