PM chairs high-level meet to reduce oil imports & improve PSU efficiency  

RSTV Bureau

Prime Minister Narendra Modi chaired a high-level meeting to discuss a roadmap to reduce dependency on import of oil and gas.

Cabinet Committee on Security meet in New Delhi Photo-PTI

Cabinet meet in New Delhi

During the meeting, the Petroleum Ministry presented strategies for achieving the objective by increasing production of crude oil and gas, promoting biofeuls and renewables, energy efficiency and conservation.

Home Minister Rajnath Singh, Petroleum Minister Dharmendra Pradhan, Environment Minister Prakash Javadekar and other officials were present at the meeting.

The meeting comes days after India signed a MoU with the University of Houston to get the expertise to enhance oil recovery for production enhancement from mature fields, seismic interpretation and reservoir characterization studies, improvement of drilling and well intervention practices and unconventional hydrocarbon studies.

Oil-and-Natural-GasThe MoU was seen as the first stem to contribute towards a goal set by Prime Minister Modi to reduce import dependency of oil and gas by 10% by 2022.

“I hope that the benefits of this partnership between these two institutions would trickle down to the Indian E&P sector and help increase our domestic production of oil & gas, thereby strengthening India’s energy mix and securing India’s energy needs to fuel the desired economic growth in the medium to long term,” Pradhan Said during the meet.

Government has recently made changes to import rules giving free hand to PSU oil companies for spot imports oil without waiting for the approval of Oil Ministry officials. They can now strike deals in as little as two hours, resulting in savings for consumers and lower costs for the companies.