In its series of Guest Lectures and Thought Leadership programmes, PetroFed organised, in association with Lovraj Kumar Memorial Trust, a lecture on “Asset Management – Can it help in India's quest for Energy Independence” by Sh. Alok Jain, President, Asset Management Solutions Inc., Houston, Texas at New Delhi on November 21, 2005.

The subject was introduced by Sh. S.K. Manglik, former chairman, ONGC who as session chairman also introduced and welcomed the speaker.

Sh. Jain began his lecture by answering the question raised in the topic of the day with an emphatic yes. He elaborated by delineating the manner in which it could be done and went on to provide a brief overview of asset management practices, illustrating how the most common mistakes made in managing assets prevent oil and gas companies from achieving world-class Asset Performance and reviewing India's energy needs and the role Asset Management can play. Asset Management, Sh. Jain said is about maximizing the intrinsic value of an asset and that though the principles and process of asset management come from the upstream sector, they are equally applicable to the downstream sector or any other industry.

Sh. Alok Jain went abroad in 1967 to do his M.Sc. in Petroleum Engineering from the University of Alberta in Edmonton after doing his Chemical Engineering from Punjab University and Post Graduate Diploma in Petroleum Refining and Petrochemicals from the Indian Institute of Petroleum, Dehradun. He has held a series of important positions in the petroleum industry at different locations around the world covering diverse areas like economic modelling, reservoir engineering, technical planning, partnership operations, engineering and operations management, and project management. As President Asset Management Solutions Inc., Houston in Texax , USA , Mr. Jain's diverse experience provides him a unique vantage point from which he could share his perspectives on this important subject of asset management.

He discussed, in his lecture, real life situations incorporating the ten most common mistakes made by the industry in this area today and the consequences of such mistakes as well as how they can be adequately addressed.

In the lively interactive session where several former CMDs and senior industry personnel were present the Indian issues were deliberated in detail. Prominent among them were recovery factor and exploration of India 's sedimentary basins.

Dr. I. B. Gulati, Trustee, Lovraj Kumar Memorial Trust, proposed a vote of thanks. Earlier, the participants were welcomed by Sh. S.L. Das, Director (BD&C) PetroFed.

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