We aim to be self-sufficient in oil supply by 2030: Moily

Mar 24 2013, 00:48 IST
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SummaryThe government today said that it aims to make the country self-sufficient in meeting its oil needs by 2030.

The government today said that it aims to make the country self-sufficient in meeting its oil needs by 2030.

“We aim to bring down our imports by 50 per cent by 2020, 75 per cent by 2025 and 100 per cent by 2030. We should become self-sufficient by finding enough reserves in the country with the help of technology,” petroleum and natural gas minister Veerappa Moily said at the inauguration of the commencement of gas sales from the Rajasthan Block of Cairn-ONGC joint venture company.

Moily also announced that he will look into a request from Vedanta Group chairman Anil Agarwal to delink their expansion plans with government approvals.

“The government, under our prime minister, has formed a cabinet committee to ensure quick approval for projects above Rs 1,000 crore and we will definitely look into your (Agarwal’s) suggestion and find ways to expedite things in the government,” said Moily.

This was in response to Agarwal’s request wherein he had asked the government to appoint government nominated director on the Managing Committee of the company and free them from going to the government for approvals each time.

“Initial commercial volumes will be about 5 mmscf per day,” Cairn said in a statement. Till now, the block produces about 30 mmscf of gas per day from Raageshwari Deep Gas field and as associated gas from the Mangala and Bhagyam fields. The associated produced along with crude oil is used to fire 48 MW of captive power station at Mangala Processing Terminal.

In addition, the explorers also announced crude oil production from Aishwariya field in the Barmer block in Rajasthan. This is third largest discovery in the block — RJ-ON-90/1.

At its peak, the field is expected to add 10,000 barrels of oil per day (bpd) to the current output of 175,000 barrels per day from Mangala, Saraswati and Bhagyam fields in the block.

According to Cairn, the total resource base supports a vision to produce 300,000 barrels of oil a day (a contribution of more than 35 per cent of India’s current domestic crude production), subject to further investments and regulatory approvals.

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