Oil and gas minister Dharmendra Pradhan has asked officials to intensify monitoring of oil and gas fields given to state-owned firms such as ONGC and ensure that there are no slippages in domestic output.
The move comes close on the heels of the government’s internal committee suggesting faster production time and cost reduction, to cut down on India’s dependence on oil imports.
Prime Minister Narendra Modi has been reiterating since 2015 that India should focus on cutting down its dependence on oil imports by 2022 by 10 per cent (it was 77 per cent in 2015).
But, the growing demand for oil has only led to more dependence, which has gone up to 81 per cent from 77 per cent in 2015.
“Most of our production of oil and gas has come from nomination fields with ONGC and Oil India. We have now started monitoring those fields and given new benchmarks to the national oil companies to increase production,” Pradhan said.
The government has consciously tried to reduce administrative and regulatory roadblocks and to infuse new technologies, he added.
He also pointed out that the government is committed to sustaining the efforts taken to liberalise the sector. He said it has been done by simplifying processes, increasing market access and bringing developments in the technology domain to enhance the efficiency of our oil & gas industry.
Stressing the need to improve domestic oil recovery, the minister said that in India, the current recovery factors of ONGC and Oil India for crude oil are as low as 27 per cent and 23 per cent, against international benchmark of 35-40 per cent and 55-70 per cent.
Source Link – New Indian Express
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