Domestic oil explorers should boost output: Dharmendra Pradhan

New Delhi(PTI): Domestic oil exploration and production (E&P) companies should adopt a radical approach to boost output and achieve energy security, Petroleum Minister Dharmendra Pradhan said on Friday.

Petroleum Minister Dharmendra Pradhan
Petroleum Minister Dharmendra Pradhan

“For the past three years, our domestic crude production is static. A radical approach is urgently required to boost our domestic output,” Pradhan said.

Pointing out that achieving energy security for the country is a challenging and complex task, Pradhan said the government has taken several initiatives for the E&P sector.

“Discovery of new hydrocarbon sources should be the primary objective of E&P industry.

“I believe that a huge area in the country remains unexplored, he said, adding that a major portion of hydrocarbon reserves in the country are in technologically challenging areas.

The minister was addressing the inaugural session of the international conference and exhibition of Society of Petroleum Geophysicists (SPG) here.

ONGC Chairman D K Saraf said the government s initiatives like diesel price decontrol, director transfer of LPG subsidy, and encouraging people to give up subsidy have helped the companies reduce their burden.

He said the decline in price of oil in international market has helped save foreign exchange.

Nearly 1,000 delegates are participating in the three-day conference in which challenges and technological advancements in the sector will be discussed.