Pranab expresses dismay over energy scenario in India

Stating that by 2030, the country has to meet 90% of crude oil requirements, 60% of natural gas needs and 57% of coal requirements through imports

Expressing dismay over the energy situation in India, President Pranab Mukherjee has called for self-sufficiency in the energy sector in view of the huge foreign exchange outgo to buy expensive crude oil from abroad.

"With rising crude oil prices, depreciating domestic currency and increasing oil imports, we stare at an acute prospect of having to incur huge foreign exchange outgo to buy expensive energy. Energy security has become synonymous with national security," Mukherjee said after inaugurating an advanced crude oil research centre at the Indian Institute of Petroleum (IIP).

Stating that by 2030, the country has to meet 90 per cent of crude oil requirements, 60 per cent of natural gas needs and 57 per cent of coal requirements through imports, he said, "I am yet to hear a debate by our scientists and technologists as to how our country can become self-sufficient in energy. Even the more optimistic experts point out India has insufficient energy resources."

A few years ago, a similar debate was heard in US. But it has proved everyone wrong by turning itself from being a huge net energy importer to being self-sufficient through the discovery of shale gas. This has been possible because of a crucial technological breakthrough in efficient recovery of shale gas, he noted.

Referring to the recent deluge in Uttarkahand, he called for marinating a balance between man and nature. "The recent deluge in Uttarakhand is a wakeup call for all of us. We need energy to sustain growth but it has to be ecologically safe, he said.

Noting that the commendable performance of the laboratory at the IIP has raised expectations of the oil industry, he said that as the oil sector in our country develops further, it would be required to process heavier and more complex crudes.

A new Advanced Crude Oil Research Centre at the IIP, which has the latest infrastructure for finger printing of crude and allied products and for exploring innovative ways to develop future fuels, would help meet our requirements, the president said.

"I am confident that it will serve its intended purpose of providing critical assistance to the oil industry and supporting the technological ambitions of our nation," he said.