Govt making all out efforts to reduce dependence on import of oil
New Delhi, Mar 22: The Government is making all efforts to reduce import dependence, Union Minister for Petroleum and Natural Gas Dharmendra Pradhan informed the Lok Sabha on Monday.
In a written reply, Mr Pradhan said Ministry of Petroleum and Natural Gas has taken several steps inter alia promotion of renewable and alternate fuels like ethanol, second generation ethanol, compressed bio gas and biodiesel, promotion of natural gas as clean fuel/feedstock in the country with a view to move towards a gas based economy, refinery process improvements, promoting energy efficiency and conservation.
Other steps include efforts for increasing production of oil and natural gas through various policies under Production Sharing Contract (PSC) regime, Discovered Small Field Policy, Hydrocarbon Exploration and Licensing Policy, Setting up of National Data Repository.
The Government has also provided functional freedom to National Oil Companies and wider private sector participation by streamlining approval processes including electronic single window mechanism.
The Ministry is also working in collaboration with various Central Government Ministries/stakeholders to make efforts to achieve reduction in import dependency on oil.
India’s oil and oil equivalent gas import dependence in 2014-15 and 2015-16 were 68.9 per cent and 72.2 per cent respectively and during current April-January, 2020-21 is 77.1 per cent.
Exploration of Oil and gas in the country are taking place under: Nomination Regime – by ONGC and OIL, PSC/RSC Regime – by Indian & Foreign Companies & JVs, including PSUs
At present, Exploration and Production activities are taking place Rs2,75,000 sq.km area across different sedimentary basins across India in onshore and offshore areas under Nomination, PSC and RSC Regimes, Mr Pradhan added.
(UNI)