Ahmedabad, January 10, 2017:
India is poised to reduce 10% of energy imports by 2022, Shri. B. Ashok, Chairman, Indian Oil Corporation Ltd. said today at the 21st Institute Public Lecture held at the Institute of Management, Nirma University.
In his interaction with students on the “Hydrocarbon Value Chain Scenario”, Shri Ashok reiterated Prime Minister’s vision that energy is a strategic requirement and the Gujarat Model has been at the forefront in showing the way for the sector, balancing well on four key pillars of access or availability, energy security, energy efficiency and affordability. Primary was to reduce import dependency in oil and gas and boost self sufficiency.
“Gujarat is unique in terms of the energy consumption basket. Gujarat model is being replicated across the country. Energy is going through a lot of transition. The industry is bifurcated into upstream, mid stream and downstream. Typically, around the world, 25% of the energy portfolio is led by gas. In India, the average is only 6.5%. But Gujarat is at par with the world at about 25%. Our overall energy production is substantial, but still is only 20% of all our energy requirements. Almost 80% is import driven. A lot of policy reforms have been done by the central government. Recently, bids have been invited for 67 marginal oil fields,” he said in his speech addressing students of Nirma University.
The 21st Institute Public Lecture was graced by top officials and faculty members of Nirma University. Present on the dais today were Dr. Anup K. Singh, Director General, Nirma University, Dr. M. Mallikarjun, Director, Institute of Management, Nirma University, Mr. Sanjeev Kumar Jain, Executive Director (Gujarat State Office), Indian Oil and Dr. Nityesh Bhatt, Professor, Information and Management Area, Chairperson-MDPs, Institute of Management, Nirma University.
According to him, India is at an important juncture in history and precision driven decision making is giving the country an edge over the rest of the world. The country is also transitioning into a gas-based economy.
The biggest challenge is to keep up to the pace of energy demands in the country. Oil industry is working hard to ensure infrastructure is in place to meet the growing demands and IOC is proactive in investing in projects much before the demand crops up and is able to keep pace with the growth in the industry.
Environment, according to Shri Ashok has emerged as a factor to watch out for and key research and development activities were directed towards making fossil fuels clean, processing crude and reducing the sulphur content. Likewise, led by Prime Minister Modi, India is ready to adopt BS-IV emission norms by April 1, 2017 and leapfrog into BS-VI within 2020 to bolster efforts.
In tandem with the demonetization drive initiated since November 8, Shri Ashok stated that the oil major has seen close to 30% of its overall sales in the cashless segment. The company is also incentivizing consumers for cashless transactions.
“One of the things we are doing is to ensure that the cashless mode is available as a facility in all our networks. The priority is expanding that network, where there are POS machines and wallet facilities. In Gujarat, we are happy to say that we can accept one or the other forms of cashless transactions in IOC network,” he said.