Final Debate
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Transcript of Final Debate
By reducing our dependence of foreign oil and increasing alternative energy sources such as ethanol, we can begin to bring down prices at the pumps, create thousands of new jobs and bring a much needed boost to our economy.
Good morning everyone, I strongly support that India's Economy and Hydrocarbon Resources are a perfect match. Both have huge potential which is still untapped and unexplored. Rich gas findings on the east coast by Reliance Industries, Cairn Energy and other exploration companies in Gujarat and Rajasthan are indications of the rich potential
According to DGH, the east coast alone reserves of seven billion tonnes and not four billion tonnes as estimated earlier.In fact, the east coast of India has the potential to match or surpass west coast's production, including Mumbai High, which accounts for 40 percent of present indigenous production
In January 2011, the USEnergyInformation Administration estimated that India held 38 trillion cubic feet of proven natural gas reserves.
That was good enough for the needs of the nation for 29 years, it was said.
Scientists have identified 28 sedimentary basins of shale gas (natural gas found trapped in shale formations under the ground), including ten potential producing basins, across India. These have been classified according to their hydrocarbon potential, and hold an estimated 527 trillion cubic feet (tcf) of reserves
What the estimated figure of 527 trillion cubic feet is correct?
Yes, 527 trillion cubic feet of gas, of which 50%, or over 260 tcf, were recoverable?
That amount of fuel could last for at least 200 years and would potentially be the fifth biggest hoard in the world.
The Indian oil companies are exploring and making partnerships in other countries to produce hydrocarbons.
Are we saving our resources for the future?That is great only if we are not putting at risk our economy.
India is importing around 79 percent of the domestic requirement. The nine rounds of NELPs have seen 247 blocks being awarded, but only 16 of those have been developed so far.
This presents great opportunities for companies across the oil and gas value chain to be involved in industry growth. New technologies and easier access to capital allows for increased activity, which may cater to requirements spanning upstream operations to downstream refineries.
As its economy flourished, Indias demand for energy has risen by more than 70 percent. And this trend is expected to continue in the next decade making India the third largest energy consumer globally by 2020. With the growth in automobiles, power and fertilizers, oil and gas as an energy source now represents more than 45 percent of the countrys total energy consumption.
Despite these challenges, India has large possibilities for growth in the oil and gas sector. Only half of the countrys potential basins have been explored, and large blocks offshore remain untested, especially in deep water.
Energy sector is a key enabler for wider economic development. And with hydrocarbons dominating the world energy scene, India's growth is inextricably linked to its exploration and production capability.
Meeting Indias energy requirements is cornerstone in ensuring that the nations economic growth continues. It is imperative the government works toward energy self-sufficiency. In this regard there have been some positive moves in the form of NELPs, but the immediate need is an actionable operating philosophy and favorable framework of policies that can help accelerate the efforts for exploring and developing oil and gas, thereby ensuring energy self-sufficiency for the nation.
By reducing our dependence of foreign oil and increasing alternative energy sources
such as ethanol, we can begin to bring down prices at the pumps, create thousands of
new jobs and bring a much needed boost to our economy.
Good morning everyone,
I strongly support that
India's Economy and Hydrocarbon
Resources are a perfect match. Both have huge potential which is still untapped and
unexplored.
Rich gas findings on the east coast by Reliance Industries, Cairn Energy
and other exploration companies
in Gujarat and Rajasthan are indications of the rich
potential
According to DGH, the east coast alone reserves of seven billion tonnes and not four
billion tonnes as estimated earlier.
In fact, the east coast of India has the potential to match or surpa
ss west coast's
production, including Mumbai High, which accounts for 40 percent of present
indigenous production
In January 2011, the US
Energy
Information Administration estimated that India held 38
trillion cubic feet of proven natural gas reserves.
That was good enough for the needs of the nation for 29 years, it was said.
Scientists have identified 28 sedimentary basins of shale gas (natural gas found trapped
in shale formations under the ground),
including ten potential producing basins, across
India. These have been classified according to their hydrocarbon potential, and hold an
estimated 527 trillion cubic feet (tcf) of reserves
What the estimated figure of 527 trillion cubic feet is correct?
Y
es, 527 trillion cubic feet of gas, of which 50%, or over 260 tcf, were recoverable?
That amount of fuel could last for at least 200 years and would potentially be the fifth
biggest hoard in the world.
The Indian oil companies are exploring and making part
nerships in other countries to
produce hydrocarbons.
Are we saving our resources for the future?
That is great only if
we are not putting at risk our economy.