VP calls for increased indigenous crude oil production, Energy News, ET EnergyWorld

New Delhi: Vice President Mr. Venkaiah Naidu on Friday called for increasing indigenous crude oil production through strong research and development (R&D) efforts to ensure the country’s energy security.

Calling for “Atma Nirbharta” in the country’s energy mix, he suggested focusing more on increasing domestic oil exploration, harnessing the full potential of renewable sources and striving for excellence and sustainability. innovation in the energy sector.

Attending the first convocation ceremony of the Indian Institute of Petroleum and Energy (IIEP) – a university dedicated to petroleum research and recognized as an institution of national importance – in Visakhapatnam, Naidu noted that India is the third largest consumer of crude oil in the world and yet dependent on imports for more than 80% of its needs and stressed the importance of increasing production, not only to save foreign exchange but also to ensure energy security.

Citing various government policy reforms such as the Hydrocarbon Exploration Licensing Policy (HELP) aimed at increasing exploration in new sedimentary basins, he highlighted the impact of population and industrialization on the ‘energy demand increase, said India’s primary energy demand is expected to increase. at an average rate of more than 3% until 2045, compared to less than 1% growth for the rest of the world.

He called on IIEP and other energy institutes to fill the gap in the supply of skilled labor for the oil sector and to strengthen links between industry and the institutes with key players in the Marlet.

The vice-president also suggested encouraging the doctorate. students to undertake research on issues faced by industry and thus bring a multidisciplinary approach to academic research, which is the aim of the National Education Policy 2020.

Observing that India is endowed with numerous renewable sources such as solar, wind and tidal power, he further suggested harnessing the full potential of these energy sources as part of the efforts to reduce the use fossil fuels.

To achieve this, he further suggested that energy institutes should also seek to diversify their portfolio and undertake projects with a renewable energy research component.

“Even a tiny improvement in the efficiency of exploiting green sources will bring great benefits of scale to our economy and our ecology,” he said.

–IANS

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