There is a need to better integration for strategising with international markets and enhancing relations with energy exporting countries, says the government.
Addressing the Energy Security Conference, external affairs minister Salman Khurshid said, " Need to explore, enhance, develop and fortify relations with energy exporting countries and also develop technologies for alternate energy sources."
At the conference organised by the MEA and CII, Khurshid emphasised on the strategic and economic importance of energy security, the opportunities in this space and the strategies and structured approaches that have been adopted by the government.
He said, “Demand for energy is growing at a terrifying pace in India and yet not fast enough if we take into account the per capita consumption in India. Sources of energy are depleting at a fast pace and we are already importing 80 % of our oil and 25% of our gas requirements. Going forward, if we continue to grow at 8-9 % import dependence is likely to increase and India would be importing 35-57% of coal, 90-94% of oil and 20-57% of gas by 2031-32.”
Highlighting the key thrust areas, he said, “At the domestic level, we need to optimally exploit and utilise our energy resources; leverage on opportunities provided by coal bed methane and shale gas and develop technologies to scale up renewable energy. In addition in the nuclear field there needs to be some clarity in public perception."
Mentioning some of the achievements and initiatives taken by the government, he said “We have made progress in linking India’s electricity grid, the second largest in the world with Nepal, Sri Lanka and Bangladesh,. In addition, we plan to put in place additional gas pipeline network of 15,000 km and are in the process of increasing our LNG capacity to 45 million metric tonnes per annum from the current 13.5 mmtpa and have put in place a roadmap for the ambitions Turkmenistan TAPI Gas Pipeline to be commissioned by 2017."
In his concluding remarks, Sudhir Vyas, Secretary (Economic Relations), MEA said, “We have been working with the line ministeries, public and private sector to enable energy asset acquitistion.”