ONGC feels the pinch from private sector
With the growing demand of oil and gas and also stiff competition from the private players, the public sector company Oil and Natural Gas Corporation (ONGC) apparently feeling the pinch.business Updated: Mar 01, 2013 20:03 IST
With the growing demand of oil and gas and also stiff competition from the private players, the public sector company Oil and Natural Gas Corporation (ONGC) apparently feeling the pinch.
The ONGC's chief managing director (CMD) Sudhir Vasudeva suggested officials to think out of box and pull up their socks before it is too late.
Interacting with about 200 geoscientists at ONGC on Friday, Vasudev said that India at present is 27% energy secured nation but with the growing demand for energy times are difficult.
"The demand is likely to skyrocket 30% higher by 2030-40," he underlined.
"India is 4th largest nation as far as energy consumption is concerned and it is likely to become third largest nation by 2030".
He noted that country's import dependency is expected to rise to around 90% for oil and over 60% for natural gas in the next two decades.
Further, at the existing rate of GDP growth, import is likely to increase manifolds. Dependency on imports does not only make the country vulnerable to pricing and supply shocks, but also insecure from strategic point of view.
Speaking on ONGC growth, CMD asked its workforce to do work in sync, in a bid to take on competitors. He shared that ONGC was able to explore 33% of gas from Bombay High and reaching "40% was a dream".
Referring to the interest in Indian exploration and production, business which has been expressed by some MNCs, Vasudev said that oil and gas exploration has much of a potential and the resources have yet to be fully exploited.