The Confederation of Indian Industry (CII) has said that entering into long-term crude oil contracts and the strategically acquiring oil acreages overseas is necessary for India''s future energy security. The accelerated demand for energy makes it imperative for India to garner assured and continuous supply of energy at reasonable prices through internal efforts and acquiring international acreages.
As per CII estimates, in a business-as-usual 8% GDP growth rate scenario, the demand of Oil would be 328 Mtoe by 2030, a growth of 3.8% year-on-year.
Moreover, the chamber also emphasised that the industry, both in public and private sectors, should collaborate to secure oil equity overseas.
Even though the crude oil price has increased almost 100 per cent since February to reach $70 a barrel, it is still below $100. This is perhaps the right time to secure long-term oil supply deals at an affordable price, said the chamber.
"Ensuring India''s energy security requires active participation from the Indian industry, both public and private sectors, with support from the Government, to secure fuel supply at predictable and affordable prices," said Mr Chandrajit Banerjee, Director-General, CII.
As per CII estimates, in a business-as-usual 8% GDP growth rate scenario, the demand of Oil would be 328 Mtoe by 2030, a growth of 3.8% year-on-year.
Moreover, the chamber also emphasised that the industry, both in public and private sectors, should collaborate to secure oil equity overseas.
Even though the crude oil price has increased almost 100 per cent since February to reach $70 a barrel, it is still below $100. This is perhaps the right time to secure long-term oil supply deals at an affordable price, said the chamber.
"Ensuring India''s energy security requires active participation from the Indian industry, both public and private sectors, with support from the Government, to secure fuel supply at predictable and affordable prices," said Mr Chandrajit Banerjee, Director-General, CII.
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