India has put in place a multi pronged strategy, including faster exploration and acquisition of oil fields abroad, to secure energy at affordable rates, Petroleum Minister Murli Deora said.
"The distinctive features of the multi-pronged strategy include faster exploration of domestic sedimentary basins to enhance indigenous production of fuel from the existing producing fields, acquisitions abroad to supplement domestic production and development as well as commercialisation of alternative fuels," Murli Deora said in the Petrotech Conference said.
We have made substantial progress in the restructuring of the petroleum sector with a conscious and determined policy shift to a competitive market economy, including increasing private sector and international participation in all important segments of the industry, Deora added.
Citing the UN-Energy report, which points out that the current availability of energy services fail to meet the needs of the poor, the minister emphasised that more focus is needed on sustainable availability of fuels to all section of society at an affordable cost.
With a view to make auto fuels environment friendly and to put more income in the hands of farmers the government plans to introduce Ethanol Blended petrol.
"This year we will implement a 5 per cent Ethanol blend by procuring an estimated 550 million litres of Ethanol. We plan to enhance this programme to 10 per cent blend shortly," Deora added.