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Oil and Gas Summit
December 13, 2017
Potential / Scope of the Summit
- The oil and gas industry is amongst the six core industries in India. This industry is a major factor for the growth being witnessed in the Indian economy today.
- The natural gas and petroleum sector, which is inclusive of refining, transportation, and marketing of these products, contributes about 15% to India’s GDP.
- India is rising as a potential refining hub because the capital costs are lowered by 25–50% here in comparison to other Asian countries.
- A surge in the automobile market has led to investments for extending the petroleum sector. India is the 3rd-largest market for automobiles worldwide and thus, the need for more petroleum and petroleum-based products is on the rise.
- The power and fertilizer sector uses 66% of the total gas produced. The demand for gas is set to grow; thus, the natural gas share in the overall mix is projected to rise from 8% to 20% by 2025.
These facts demonstrates the importance of the Oil & Gas Sector in India. But the need for The Economic Times Oil & Gas Summit comes from the following points which are a serious threat to the growth path of this industry:
- Price of oil and gas is the primary factor in deciding whether a reserve is economically feasible. The higher the geological barriers to easy extraction, the more price risk a given project faces.
- Many of the easy-to-get oil and gas is already tapped out, or in the process of being tapped out. Exploration has moved on to areas that involve drilling in less friendly environments – like on a platform in the middle of an undulating ocean.
- Infrastructure and transportation that contributes to ease of import and export of oils. Operations take a lot of capital and time to get going.
- Being one among the largest importers of oil, India’s relationship with leading oil production countries like Iran, Iraq, U.A.E, and Russia matters.
- Rising global demand, highly volatile prices and increasingly stringent environmental regulations and optimizing the performance of its industrial base assets.
- Shortage of talent. Skill sets in this industry are highly specialized and difficult to develop and acquire.
Being the change agent, it is important for The Economic Times to not just discuss on the subject but to design the agenda in a way that it brings the world onto one platform to find actionable solutions that promises to bring in a change. Our focus will be to create a platform that opens up scope of new business models, forms of partnership and deployment of new forms of technology. In this exclusive Summit we shall explore the prospects of Upstream and Downstream Segments and Ancillaries; focus on how the exploration industry continues to grow in India & discuss the opportunities for India as a Global Front-runner in Oil & Gas. We will also deliberate on how India can reduce its dependence on import of Oil and use its own resources.