{"id":122917,"date":"2021-08-03T10:16:03","date_gmt":"2021-08-03T04:46:03","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=122917"},"modified":"2021-08-11T14:04:54","modified_gmt":"2021-08-11T08:34:54","slug":"no-fossil-fuels-as-usual","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/no-fossil-fuels-as-usual\/","title":{"rendered":"No Fossil Fuels as Usual"},"content":{"rendered":"<p><strong>Source: <\/strong><a href=\"https:\/\/indianexpress.com\/article\/opinion\/columns\/petroleum-minister-climate-change-policy-dilemma-7433669\/\">Indian Express<\/a><\/p>\n<p><strong>Synopsis<\/strong>: The article suggests redefining<strong>\u00a0the supply-side<\/strong> priorities of the Ministry of Petroleum and Natural Gas in the face of the imperatives of atmanirbharta.<\/p>\n<p><strong>Introduction<\/strong>:<\/p>\n<ul>\n<li>The spread and speed of the destruction caused by climate change in recent weeks present a policy dilemma.<\/li>\n<li>Indian <strong>economy is dependent on fossil fuels,<\/strong> and there is no discernible end in sight to this dependence.<\/li>\n<li>India imports approximately 85 percent of its crude oil requirements and is exposed to the volatility of the international oil market.<\/li>\n<\/ul>\n<p><strong>Key suggestions for Ministry of Petroleum and Natural Gas?<\/strong><\/p>\n<ul>\n<li>Government should <strong>scale back its emphasis on domestic exploration of oil. <\/strong>\n<ul>\n<li>Resources earmarked for exploration can be deployed more productively elsewhere.<\/li>\n<li>A review of the public <strong>sector\u2019s exploration and production (EP) <\/strong>track record suggests that whilst India may well be sitting on substantial hydrocarbon reserves, but these reserves are not easy to locate and.<\/li>\n<li>They <strong>are difficult to develop and produce on a commercial basis. <\/strong><\/li>\n<li>The fundamental point is that EP in India is a high-risk activity.<\/li>\n<li>This risk is even greater today because of the <strong>longer-term structural softness<\/strong> of the petroleum market.<\/li>\n<\/ul>\n<\/li>\n<li>Second, <strong>ONGC should shed a part of its equity in <\/strong>Mumbai High to get the best technology service, partner.\n<ul>\n<li>ONGC allocates increasing resources to improving the productivity of its producing fields.<\/li>\n<li>The average oil recovery rate in India was around 28 percent.<\/li>\n<li>That is, for every 100 molecules discovered, only 28 were monetised.<\/li>\n<li>The global average of around 45 percent for fields of comparable geology.<\/li>\n<li>There is still a wide gap, the application of <strong>enhanced oil recovery (EOR) technology<\/strong> offers a relatively low-risk avenue for increasing domestic production.<\/li>\n<\/ul>\n<\/li>\n<li>Third, need to <strong>build contingency safeguards. <\/strong>Since<strong>,<\/strong> the Middle East, predominantly Saudi Arabia, Iraq, and Iran faces deep <strong>political and social fault lines<\/strong> and there is no knowing when our supply lines might get ruptured.\n<ul>\n<li>India holds currently strategic reserves equivalent to 12 days of imports.<\/li>\n<li>China, the EU, South Korea, and Japan hold between 70-100 days of reserves.<\/li>\n<\/ul>\n<\/li>\n<li>Fourth, <strong>restructure and reorganise the public sector petroleum companies<\/strong>.\n<ul>\n<li>These companies should be encouraged to look beyond hydrocarbons to build an <strong>\u201cenergy\u201d enterprise. <\/strong><\/li>\n<li>It will <strong>help cut back the \u201cavoidable\u201d costs <\/strong>of intra public sector competition.<\/li>\n<li>It will provide a <strong>focused platform<\/strong> for balancing the shorter-term need to provide secure and affordable hydrocarbons with the medium and longer-term imperative of developing clean energy.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>The petroleum minister should not see his responsibility through the siloed prism of oil and natural gas.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Indian Express Synopsis: The article suggests redefining\u00a0the supply-side priorities of the Ministry of Petroleum and Natural Gas in the face of the imperatives of atmanirbharta. Introduction: The spread and speed of the destruction caused by climate change in recent weeks present a policy dilemma. Indian economy is dependent on fossil fuels, and there is&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/no-fossil-fuels-as-usual\/\">Continue reading <span class=\"screen-reader-text\">No Fossil Fuels as Usual<\/span><\/a><\/p>\n","protected":false},"author":10316,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[8867,768,8866,216],"class_list":["post-122917","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-domestic-exploration-of-oil","tag-energy","tag-fossil-fuels","tag-gs-paper-3","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704851835},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/122917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10316"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=122917"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/122917\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=122917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=122917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=122917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}