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Business EconomyPosted at: Dec 1 2015 7:42PM


Govt considering special policy to attract investment into N-E’s hydrocarbon sector: Petroleum Min official

New Delhi, Dec 1 (UNI) The government is considering a special policy dispensation to attract investment in the hydrocarbon sector in the North East region, said a senior petroleum ministry official.
“Special policy dispensation to promote investment in oil and gas in the North East Region is under consideration of the petroleum ministry,” said UP Singh, Addl Secretary , who is also CMD of Oil India, while addressing the CII North East Energy Summit today in Delhi.
He added that the oil and gas sector in the region is confronted with several challenges ranging from demand-side issues to infrastructure to availability of advance technology to arrest the natural decline in oil production.
The government is conscious of these challenges and the Petroleum Ministry is scheduled to hold a consultative meeting with Chief Secretaries of all North East States to finalize a Hydrocarbon Vision for North East India
Presently, North East region meets 10 per cent of the gas and 12 per cent of the oil requirements of the country. In spite of having huge potential to upscale it, the sector is witnessing a stagnation or even a deceleration. The oil production has come down from 4.84 MMT to 4.54 MTA between 2011 and 2015, Mr Singh added.
He stated refineries are in fact now being fed from imported crude oil which does not augur well with the overall vision of India to reduce oil import dependence from 77 per cent currently to 66 per cent by 2022 and half by 2030.
The Petroleum Ministry official said there is a need to increase investment in exploration as well as production. Commenting on the issues of pipeline infrastructure, he mentioned that it was more like a chicken and egg problem. While GAIL has requisite capability and funding mechanism, viability has to be well established.
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