Deora
Govt. bearing almost 85% increased burden: Deora Petroleum & natural gas minister Murli Deora said that the government is bearing almost 85% of the increased oil cost burden.
Inspite of rising crude oil prices, the government ensured that additional cost is not passed on to the consumers and common man.
He further said that the continued shortage and shortfall in crude oil supplies, rise in crude oil prices, increased use of sour and heavy crude oil, stringent environmental stipulations, other geo-political factors, globalization, etc. are the most daunting challenges to the country`s energy security today.
The minister also emphasized that the government is totally committed to accelerate the growth of this crucial sector and has taken adequate initiatives for sustainable development of the hydrocarbon Sector.
The government has adopted various short term and long term measures, like demand restraint through efficient conservation practices, increasing production and use of bio-fuels, increased fuel substitution through utilization of natural gas, increasing emergency stocks for strategic reserve, energy efficiency improvement, etc.
“Exploration and coverage of domestic resources through New Exploration Licensing Policies (NELP), intensive efforts for investment for acquisition of oil and gas equity abroad, enhancing availability of natural gas / LNG, Coal Bed Methane (CBM), underground Coal Gasification, develo pment of Alternative Fuels, initiative for Hydrogen production for use as clean fuel, etc. are being encouraged for development in long term,“ he added.
