India currently imports over 70% of its crude oil requirements and this figure is likely to go up in the coming years. Energy security is, therefore, a matter of concern for the rapidly developing Indian economy. Stating this while inaugurating the seminar on “Global Liquids and Gas Supply Dynamics – Implications for India ” on July 30, 2007 at New Delhi , Mr. S. Sundareshan, Additional Secretary, Ministry of Petroleum and Natural Gas lauded the initiative of PetroFed and called for improvement in energy efficiency and concerted efforts towards energy conservation. The one-day seminar was organised by the Petroleum Federation of India in knowledge partnership with member company PFC Energy, USA who have been advising energy companies and Governments across the globe for over two decades.

Welcoming participants earlier, Director General, PetroFed, Mr. A.K. Arora said that there appears to be no viable alternative to oil and gas in the next two decades or more. There are probably not only less and less reserves to locate, he said, but the costs for developing them are rising day by day. Quoting a recent market report he said that the costs of crude oil and natural gas reserve replacement worldwide reached a record level of US$ 14.53 a barrel of oil equivalent in 2006, a 25% increase from 2005 and a staggering 255% increase since 1999.

The keynote address by Mr. Michael Rodgers, Partner, PFC Energy and supplemented by Mr. David Kirsch, Manager, PFC Energy dwelt on the price constraints for future growth, the OPEC scenario and price threshold besides the supply and demand uncertainties.

The seminar provided valuable insights into the global production of crude oil, natural gas and natural gas liquids and probabilistic production forecasts up to 2020. PFC Energy experts presented the outlook on conventional and unconventional oil production, regional gas production balances and global exploration trends.

Each session provided sufficient time for interaction and clarification of doubts. The tremendous interest aroused was evident by the large number of questions raised by over four score senior executives who attended the seminar.

Click here to view Executive Summary of presentation: (right click and 'Save Target As')