Visakhapatnam: Vice President Venkaiah Naidu said on Friday that India’s primary energy demand is expected to grow by more than 3 per cent by 2045, compared to an average of less than 1 per cent growth for the rest of the world.
He called for an increase in indigenous crude oil production through strong R&D efforts to ensure the energy security of the country as part of the Atma Nirbhar Bharat scheme of the central government. Various policy reforms such as the Hydrocarbon Exploration Licensing Policy (HELP) are aimed at increasing gas exploration in new sedimentary basins, the VP said.
Addressing a gathering at the first convocation of Vizag- based Indian Institute of Petroleum and Energy (IIPE) here on Friday, Naidu noted that India is the world’s third-largest consumer of crude oil and yet import-dependent for more than 80 per cent of its needs. He underlined the importance of increasing production not only to save foreign exchange but also ensure energy security.
Naidu presented awards to gold medalists from the batches 2016-20 and 2017-21.
IIPE is a dedicated university for petroleum research and was recognised as an Institution of National Importance in 2017 through an Act of Parliament.
Naidu called upon IIPE and other energy institutes to bridge the supply gap of skilled manpower for the petroleum sector and build stronger industry-institute linkages with the prominent market players.
The Vice President expressed confidence that IIPE will show the way forward by becoming an exemplar in the domain of energy research. He appreciated the efforts of the administration and complimented the graduating students for their achievements.
