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PetroFed, the apex society of entities in the hydrocarbon sector, and TERI today signed a Memorandum of Understanding (MoU) to undertake a study on the climate risk assessment of the country's oil and gas sector.
The MoU between the TERI and Petroleum Federation of India was signed in the presence of Dharmendra Pradhan, Minister of State, Petroleum and Natural Gas.
TERI will carry out the study titled, 'A Study on Climate Change Risks: Preparedness for Oil and Gas Sector'.
Seven public sector oil companies, including Hindustan Petroleum Corporation Limited, Oil India Limited, Oil and Natural Gas Corporation Limited, Gail (India), Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited and Petronet LNG Limited, have come onboard to support the study.
The study will provide a comprehensive analysis of how the oil and gas sector should prepare itself to face the challenges of climate change.
"The study will prepare strategies to contribute to achieve India's target of reducing emission intensity of GDP by 33-35 per cent below the levels in 2005 by 2030," according to a press statement issued by TERI.
It will also help study how the global market and technological options are likely to change as a result of the climate policy measures and how the 1.5-2 degrees scenarios of global warming are likely to affect the infrastructure and operations in different climatic zones of India.
"The fact that seven PSUs in the industry have taken an initiative as leaders in this study makes it a strategically significant step towards India's approach for addressing climate change," Dr Ajay Mathur, Director General, TERI said.
This comes days after India became the 62nd nation to ratify the Paris Agreement on Climate Change.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)