For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Petroleum Minister calls for higher investments in the oil and gas sector

|

Union Minister for Petroleum & Natural Gas, Veerappa Moily called for higher investments in the oil and gas sector to boost self sufficiency.

He also justified the recent Cabinet decision to hike the gas price, saying it will make exploration of natural gas commercially viable. Moily was speaking at the National Convention on Oil & Gas 2013 in Mumbai on Friday.

The Union Minister said, "Should we pay $ 6.83 per unit to produce gas domestically or import it at much higher price. This is the decision we will have to make."

 

He said that around 3 trillion cubic feet of discovered natural gas in the country is lying unutilized as it is considered not viable to commercially exploit the reserves at prevailing rate of $ 4.2.

The government needs to move ahead and take bold decisions and should not be bogged down by the fear of CBI or CAG.

He also stated that there is an urgent need to destroy bureaucratic delays, saying "process should not dominate; instead the focus should be on delivery".

The Petroleum Minister said he has asked the oil and gas PSUs to step up their capital expenditure to boost capacity. He said, he will hold a meeting with oil PSUs executives shortly to review their investment road map. The Minister also indicated that an Open Acreage Licensing Policy will soon be in place to facilitate faster exploration.

Referring to acquisition of oil and gas assets abroad, Mr. Moily said our oil companies should become more aggressive in pursuing opportunities in various countries including Iran, Kazakstan, Turkmenistan and Azerbaijan.

GoodReturns.in

Read more about: moily oil ampgas
Story first published: Saturday, July 27, 2013, 11:34 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC

We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more