Mumbai, Apr 29:The demand for petroleum products in the country is expected to rise to 131.767 million metric tonne (mmt) by the end of 11th Plan, while in the upper case scenario, the demand is estimated to grow by 4.45% to 141.793 mmt.

Apart from the proposed new exploration licensing policy (Nelp) VII, bidding for which has been postponed up to May 16 due to uncertainty over tax sops for the exploration & production (E&P) sector, the petroleum ministry has proposed quicker development of discovered reserves for enabling commencement of production.

The ministry has also proposed using stimulation techniques and application of enhanced oil recovery (EOR)/improved oil recovery (IOR) techniques for increasing recovery factor from existing fields. The petroleum ministry has projected a growth rate of petroleum products of 2.1% for 2007-08, 2.3% in 2008-09, 2.4% in 2009-10, 4.1% in 2010-11 and 3.8% in 2011-12. According to the ministry, the demand for the petroleum products has been estimated at 116.437 mmt in 2007-08, 119.098 mmt in 2008-09, 121.987 mmt in 2009-10, 126.973 mmt in 2010-11 and 131.767 mmt in 2011-12.

Consumption of petroleum products in the country as on date has been reported at 128 mmt. According to sources, “The ministry has taken a slew of initiatives to accelerate hydrocarbon E&P activities and to bridge the demand and supply gap in the country. The ministry expects good response for the Nelp VII.”

This apart, attention has also been paid on arresting decline from ageing fields, acquisition of exploration acreages and producing properties overseas to bring in equity oil, substitution of oil through use of non-conventional sources of energy such as bio-diesel, ethanol and extraction of gas from gas hydrates under national gas hydrates programmes (NGHP) by evolving suitable production technology.

Ads By Google