India has unleashed landmark policy reforms in the oil and gas sector with a view to raising domestic output and cut imports, at the same time making a smooth transition to cleaner fuels, Uttar Pradesh Governor Ram Naik said Tuesday.
Naik, who presided over the "Golden Era" of petroleum sector one-and-half-decade back, said pathbreaking initiatives like acquisition of oil and gas properties, exploration licensing rounds, use of CNG and ethanol as fuel unveiled and plans for building strategic storages were unveiled during the Atal Bihari Vajpayee-led NDA-1 between 1999 and 2004 are now being improvised for the country's energy security.
Speaking at the concluding session of the Petrotech Conference here, Naik said he feels "nostalgic to recall" his own full term as the Minister of Petroleum and Natural Gas under Vajpayee.
"That was the first time in India's history when anyone led the Ministry of Petroleum and Natural Gas for a full term of five years since 1962 when a separate Ministry of Petroleum and Natural Gas was established for the first time," he said.
During 1999-2004, rapid reforms were the mantra with a view to providing an uninterrupted supply of clean fuel, he said. "Some friends call that era as the Golden Period of Petroleum sector."
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