WPC: Policy measures ‘needed for innovation’

WPC 201316 June 2014, News Wires – Nations’ energy strategies need to foster and support innovation as the search for hydrocarbons moves into deeper waters and other frontier areas, according to India’s recently appointed Minister of Petroleum & Natural Gas, Dharmendra Pradhan.

Addressing the first plenary session at the World Petroleum Congress in Moscow, Pradhan said that investments in technology innovation had helped companies to explore in deeper waters for oil and gas, develop shale gas and tight oil reserves and step up Arctic operations.

“The climate for innovation and technology development must be achieved through policy measures, joint ventures and industry partnerships,” he told delegates.

Improving regulatory and policy issues can enhance oil and gas production and “we must proactively address regulatory and political bottlenecks”, said Pradhan.

Sanctity of contracts and transparency are also key to securing a healthy energy market, according to the minister.

“At the same time, meeting growing energy needs will require the responsible use of energy,” he said.

Rosneft chief executive said at the same plenary session that if global per capita energy use was the same as that in the US then the world would need four times as much energy.

“There is tremendous responsibility on the world’s oil and gas industry leaders to ensure that the energy needs of all are met in a manner which enables the holistic development of mankind,” said Pradhan.

“The source of energy has always been an integral part of the Indian spiritual journey and harnessing it in a sustainable manner has always been spiritual to us,” he shared with delegates.


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