I n d i a D r i l l i n g & E x p l o r a t i o n C o n f e r e n c e - I D E C 2 0 2 2
15th India Drilling & Exploration Conference ( IDEC )
I n d i a D r i l l i n g & E x p l o r a t i o n C o n f e r e n c e - I D E C 2 0 2 2
India also has a similar story . It is expected that its reserves are to go upwards as well , due to factors namely technological developments , and successful exploration . It is estimated that India would dominate the global energy growth . Even though its matured fields have been used for the last 50-60 years in onshore , and above 45 years in offshore , it has still seen to be producing in a big way . Based on the India Energy Outlook , fossil fuels will continue to dominate for a significantly long time allowing meeting the stipulated energy demands . Due to its robust economic growth , the energy demand of India is most likely to grow faster than all major economies . The country ' s share in global primary energy consumption is projected to raise two-folds by 2035 . Therefore , India is quite confident in opening up more sedimentary basins and adding more reserves . So , as it is seen that fossil fuels would be dominating the energy mix , India should seek the technological options that allow them to use fossil fuels in a carbon-constrained world .
Oil has played a substantial role in leading the growth of an industrialized country in the 20th century , hence , oil should be given the opportunity to make a similar significant contribution to supporting improvement in developing countries in the future to come . it is the prime focus of developing and underdeveloped countries to bring their people out of energy poverty . For these economies , fossil fuels serve their purpose and objectivity better due to its noticeable cost advantage . It offers superior energy intensity and much better reliability as well . But at the same time , it is necessary for companies to diversify their portfolios towards much greener alternatives as investors sentiments are strongly in the favor of such oil & gas companies who are setting and meeting emission-reduction targets and investing in clean energy to improve their long-term value propositions . Although , the Oil & Gas industry is working on how to increase the share of renewables in the energy basket , the demand is growing at a faster pace , therefore , it is required to bridge the gap . Hence , some significant concerns have been raised along with their solutions .
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