With imports rising to 95 per cent of domestic consumption, it's high time one consider these options, said Choubey who was in Gandhinagar to inaugurate a masters degree programme at Institute of Petroleum Management, Gandhinagar, Pandit Deendayal Petroleum University.
"The $132 billion Indian oil and gas industry contributes around 15 per cent to the GDP. Of the total energy needs, around 75 per cent is met with by imports," he said. By 2020, the imports will rise to about 95 per cent of the Indian consumption," he said.
There are about 400 reactors worldwide which produce 360 giga watts of power. About 50-60 per cent of the fuel purchased by India is from Middle East and of this 70 per cent is utilised for transportation.
"At 8 per cent sustained GDP we will require 3-4 times of the current consumption of oil and gas. Similarly, the electricity demand will rise by 5-7 times in coming years," he said.
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