The oil and gas industry needs to increase the pace of technology adoption in the light of changing consumption and production patterns of energy sources and the uncertainties surrounding global upstream investments, an oil ministry official said today.
“Oil and gas industry is far behind in adopting technology. It is not an industry known for adopting new and latest technologies. So, maybe it is now time for the industry to start adopting cutting-edge technologies and some of these technologies which can transform industries are round the corner,” said Amar Nath, Joint Secretary (Exploration) at the Ministry of Petroleum and Natural Gas. He was speaking at an event organised by private hydrocarbon explorer Cairn Oil & Gas.
Nath also quoted a recent report by consultancy firm Wood Mackenzie to highlight the investment challenge being faced by the exploration sector and another report by Cambridge university arguing big investments in fossil fuel projects could becoming stranded. Read More
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