|CEO's Panel Discussion|
01 November, 2010
Eminent leaders from energy industry , Dr Rajeev Gautam, President & CEO of UOP, Dr G.R.Manouchehri - CEO of Petroparx, Mr B.M.Bansal, CMD IOC, Mr R.S,Sharma, CMD ONGC Group of Companies, Mr Satish Pai - President Schlumberger and Mr.B.C.Tripathi, CMD-GAIL, participated in CEO Panel Discussion today at the first day of the Petrotech 2010 Conference
Dr Rajeev Gautam, President & CEO of UOP, Dr G.R.Manouchehri CEO of Petroparx, Mr B.M.Bansal, CMD IOC, Mr. Michael Rodgers, Head PFC energy, Mr R.S,Sharma, CMD ONGC , Mr Satish Pai President & Mr.B.C.Tripathi, CMD-GAIL
The CEO's panel was off to an auspicious start by invoking of two Slokas from Rigveda and Upanishads by Gandharva Mahavidyalya .
The tone was set by an audio visual film symbolizing the theme of Petrotech 2010 " Global Energy Equilibrium " Exploring horizons and Expanding boundaries"
Dr Michael Rodgers, Head of the PFC Energy, who moderated the session outlined the key challenges being faced by the national and international Oil companies. The Key Challenges set forth for the panelist were:
- How can the Industry advance Global Energy Equilibrium.
- Are National and International oil companies investing enough.
- Limited resources available to the International oil companies.
- Shrinking International oil companies role in downstream sector.
- The need for National Oil companies and International oil companies to forge fruitful relationship to have access to new technologies, Reserves, Market, and Capital flow
- Resource providers are not necessarily research providers.
- Deep waters although has produced the largest finds but the average size is very small.
- Deep waters has seen the fastest spending growth in Deep Offshore.
- Post Macondo regulatory changes could have profound affect on Asset values.
- Unconventional gas energy exploitation has transformed US outlook and it could be the answer for India's energy basket.
Mr R.S.Sharma was the first to respond with his observations that oil continues to be the most convenient fuel and most essential and volatile commodity in the energy basket and oil production is almost flat despite new discoveries.
The need is to go for non conventional energies and ONGC has made a beginning in this direction with its first 50 MW wind power project going on stream in Bhuj and second of 100 MW gearing up for completion. ONGC is also stepping up uranium exploration in collaboration with Uranium Corporation of India.
Mr Sharma wished that new and innovative ideas will meet the energy needs of the countries and address the expectations of all stakeholders.
Mr B.M.Bansal representing downstream sector while responding to the challenges observed that cooperation for conducive growth is the need of hour to meet the energy needs. Reserves are depleting and production is stagnant and therefore tapping of unconventional sources is the only option, apart from close cooperation between National oil companies which have resources and large market and International oil companies which has better technology and better professionals.
Mr Bansal was for bridging the energy requirement from Bio-waste, wind, solar, hydrogen cells and nuclear as well to control the demand of fossil fuel.
Mr B.C.Tripathi, CMD GAIL was of the view that Global energy equilibrium should be seen in the context of economic inequality , the gap between the demand and supply . He further added that Global Energy Security will depend on free trade flow between all nations . as the centre of economic gravity is shifting from developed world to developing economies.
Mr Tripathi also talked about collaborative strategies, transfer and dissemination of new technology, Risk related to import dependence and de-carbonization of Energy market.
Dr G.R.Manouchehri expressed his strong support for free flow of information & technical know how and net working between National and International oil companies, strategies to exploit unconventional reserves, De-politicization of Energy sector so as to create a win - win situation for all the stake holders.
Dr Rajeev Gautam was in favour of giving impetus to renewable and unconventional sources of energy, significant investment for wind and solar energy, and giving Biodiesel harness a fillip. He was also in favour of conversion of woody biomass to power through pyrolysis, Use of plug in electric vehicles could also be resorted to lower dependence on fossil fuels.
Singers from Gandharva Mahavidyalya reciting Slokas from Rigveda and Upanishads.
Mr Satish Pai representing Schlumberger on behalf of Service companies addressed the need to go for unconventional energies since the exploration activity has been slow for hydrocarbon although the crude price has stabilized in last two years . He observed that Service industry will respond to the challenges of unconventional gas exploration and exploitation once, reserves are established and commercial viability is established besides formulation of fiscal terms and regulations by National Governments