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Oil and gas key to sustaining growth rate: Naik
By siliconindia
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Thursday, 09 January 2003, 20:30 IST
NEW DELHI: Minister for Petroleum and Natural Gas Ram Naik reiterated the role of petroleum fuels to sustain higher growth rates. He was speaking at the inaugural address of the Petrotech 2003 Exhibition at New Delhi.
Crude oil imports account for more than 70 percent of the current demand and " we will have to ensure the sustained availability of indigenous oil and gas to reduce undue burden on our economy. This can only be ensured through increased domestic availability", Ram Naik said. A key source of domestic availability would be deep water exploration for which acquisition of new technology and formation of strategic alliance with technology rich international companies is essential.
Naik also stressed the role of the New Exploration Licensing Policy (NELP), under which the estimated investment, in 70 blocks is about 
14,5000 crores. The award of 7 Blocks for international bidding under the Coal Bed Methane (CBM) Policy is also a very significant development, Naik said.
The minister said that investments in refining sector had been permitted to private companies including foreign companies. To protect consumers interests, an independent regulator will oversee the functioning of the downstream petroleum industry.
Santosh Gangwar, Minister of State for Petroleum & Natural Gas and Parliamentary Affairs in his address said that India is emerging as one of the leading investment destinations in the hydrocarbon sector as it offers a high growth market, a well-established legal and financial system and financial system and a vast pool of skilled manpower.
14,5000 crores. The award of 7 Blocks for international bidding under the Coal Bed Methane (CBM) Policy is also a very significant development, Naik said.
The minister said that investments in refining sector had been permitted to private companies including foreign companies. To protect consumers interests, an independent regulator will oversee the functioning of the downstream petroleum industry.
Santosh Gangwar, Minister of State for Petroleum & Natural Gas and Parliamentary Affairs in his address said that India is emerging as one of the leading investment destinations in the hydrocarbon sector as it offers a high growth market, a well-established legal and financial system and financial system and a vast pool of skilled manpower.