Search the Internet          Tips  Sites: Finance, Investment

National Energy Policy in a year's time: Naik

India will bring out an integrated National Energy Policy covering all sectors of energy and hydrocarbon in a year's time, Petroleum Minister Ram Naik said on Wednesday.

"It would be our endeavour to bring out a consolidated and integrated National Energy Policy, on lines of the US National Energy Policy, to provide a long term vision for sustainable economic development in the country," Naik said at the 'National Debate on India's Energy Security' in New Delhi.

Naik said the demand for oil and gas is estimated to increase at the rate of around six per cent per annum in the future against the world average of 1.5-2 per cent.

This would translate into oil consumption level of around 150 million tonnes in 2006-07 and around 370 million tonnes in 2024-25. Similarly, the demand for natural gas is estimated to increase from around 150 million cubic metres per day to 230 million cubic metres per day in 2006-07 and 390 million cubic metres per day in 2024-25.

"As against the substantially high level of demand, annual indigenous production of oil is hovering around 32 million tonnes with two-third of oil requirement being met through imports," he said.

Government had charted out the course of rebuilding the oil and gas industry, Naik said, adding the four-pronged strategy includes abolition of cost-plus, administered pricing regime and establishment of import parity prices of crude oil and refinery products.

Tell us what you think of this report