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Huge oil, gas reserves lie untapped: Mukesh
BS Reporter / Hyderabad November 8, 2006
Predicting that future energy demand would metamorphose oil and gas companies into energy solution providers, Mukesh Ambani, chairman of Reliance Industries (RIL), today said India would perpetually remain in a catch-up phase if it failed to aim at zero dependency on foreign sources for domestic energy needs. 

While pointing out that the country has enormous opportunities in the form of unexplored oil and gas reserves, he said alternative energy sources like solar power and bio-fuels also need to be tapped as the insatiable demand for energy and new pricing considerations have created a new paradigm for oil and gas industry. There is a need to take a more holistic approach and adopt an option framework for future growth and development. "Central to all these options is finding more energy as the global population is expected to increase to 8 billion from the present 6 billion in the next 20-30 years."

Speaking at the two-day international seminar of exploration geophysicists here today, Mukesh delved into issues pertaining to the development of the hydrocarbon sector in the country.

"The oil and gas industry is at a crossroads today. With high oil prices, all these avenues look attractive. The road now extends from the sands to the deeper seas, from ecologically sensitive regions to fields several leagues below the sea as 75% of the estimated oil and gas reserves lie offshore," he said while exhorting geophysicists to work on new technological insights and innovative breakthroughs to overcome the daunting technological challenges and high costs in this journey.

According to him, scientific advancements are required in four broader technology areas which include source rock identification, based on regional geological studies, trap mapping based on seismic technology, seal mapping based on regional picture and analogs and reservoir quantification based on attribute mapping to successfully tap the country's estimated oil shale of 2.6 trillion barbells of recoverable oil which, according to him, is equal to the world's proven oil reserves.

 
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