Millennium Post

Oil & gas one of Indian economy’s most efficient sectors: Moily

Oil & gas one of Indian economy’s most efficient sectors: Moily
The annual PetroFed Oil & Gas Industry Awards for excellence in performance in various categories were presented by Union Petroleum & Natural Gas Minister Dr M. Veerappa Moily and Minister of State Panabaka Lakshmi here on Friday. The awards were given in 11 categories and eight of the winning companies were public sector undertakings (PSUs).

Speaking on the occasion, Moily observed that the petroleum & natural gas sector is India’s engine of development and one of the most efficient sectors of the economy.

‘As you are aware, with about 17 per cent of the world’s population, India has just 0.3 per cent of the world’s oil reserves and 0.7 per cent of natural gas reserves but our share of the world’s total energy consumption is over 4 per cent.  We are the fourth largest consumer in the world after the USA, China and Russia,’ said Moily.  ‘Given the limited domestic availability of oil & gas that constitutes almost 40 per cent of the energy basket, we are compelled to import over 75 per cent of our requirement in a volatile international price scenario,’ he added.
PetroFed and IndianOil Chairman R S Butola highlighted the need to keep the spirit of healthy competition alive through such awards. The leading award winners were IndianOil, ONGC, GAILand EIL.

IndianOil bagged the Leading Oil & Gas Corporate Year of the award, the Oil & Gas Marketing: Company of the Year award and Special Commendations for Environment Sustainability Company of the Year and Innovator of the Year (Team) Award along with Engineers India Ltd for developing Diesel Hydrotreating and Light Naphtha Isomerization technologies for product quality improvement.

ONGC won Awards for Exploration & Production Company of the Year, Project Management (above `2000 crore) for laying 44 submarine pipelines of 234 kms in its Mumbai offshore field.  The ONGC team of their Institute of Oil & Gas Production Technology shared the Innovator of the Year (Team) Award with the Reliance Technology Group team of Reliance Industries Limited.

GAIL (India) Ltd won the Awards for Oil & Gas Pipeline Transportation Company of the Year, Environmental Sustainability Company of the Year and Project Management (Rs 500-2000 crore) for their 100-mw wind generation project in Tamilnadu and Karnataka.
The Refinery of the Year Award was bagged by Mangalore Refinery & Petrochemicals Ltd while the Woman Executive of the Year was chosen as GAIL (India) Ltd  Chief Manager (Corporate Planning) Sandepa Trakroo.
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