Thinking out-of-the-box for energy security
Mumbai 15-Jun-2010

India will have to focus on alternative sources of energy to sustain a high growth rate, said a panel of experts at the Energy Summit organised by hindustantimes.com and CII on Friday. Here is what some experts said:

B M Bansal

Chairman and MD, IOC

Oil security is of utmost importance; dependence on it is 70-80%
Given the uncertainty on domestic oil reserves, overseas reserves are needed urgently.
Like China, India needs to aggressively acquire energy assets in Africa.
Bio-fuels have to be taken more seriously, as they can meet a part of the energy requirement.

BK Chaturvedi

Member, Planning Commission

India must increase production of oil and gas. The country has abundant gas reserves.
Using shale technology, gas yields can be increased further.
Coal, which is highly polluting, may not be a viable fuel in the future.
Improvement is required in the country's ability to cope with disruption of energy supplies.

RS Sharma

Chairman and MD, ONGC

Growing GDP will drive up energy consumption substantially.
Indias share of global energy consumption is likely to increase from 5per cent to 15 per cent.
As the dependence on fossil fuels is likely to remain extremely high, subsidies will not help.
Shale gas has helped US immensely and ONGC has taken up a pilot project on the same and is working on it.

Atul Chandra

President (overseas), RIL

New discoveries of oil reserves are not as big as they were earlier even as demand is growing exponentially.
90 per cent of new oil reserves are held by nationalised companies in Russia, Venezuela and Brazil, which are difficult to access.
India needs to give a big thrust on alternatives, such as nuclear and solar energy.

Venu Rajamony

Joint secy, Ministry of External Affairs

India's dependence on just three energy sources -oil, gas and coal -is not good for the long term.
India's diplomatic relations have increased with oil-rich nations, keeping in mind its energy requirements.
Iran gas pipeline is still on the table though its passage through Pakistan means there will be no quick decisions.

Rahul Dhir

Chief executive officer, Cairn India

For sustainability, diversification of energy sources, efficient utilisation and competition to ensure fair pricing are needed.
Like Australia, India could adopt a non-discretionary regime for domestic and foreign players.
Policies need to be clear on goals and time frames.
Technology is available, only the right fiscal framework is needed.

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