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Minister of Petroleum and Natural Gas M Veerappa Moily today said petroleum ministers are “threatened” by import lobbies to stop them from taking decisions that would cut India’s $160-billion oil imports.
Moily, who has been under attack from Communist Party of India leader Gurudas Dasgupta for proposing to hike natural gas prices by 60 per cent, said he has been striving to attract investments in almost-stagnant oil and gas exploration, which will lead to higher domestic output and lesser reliance on imports. “I am telling you with all sense of responsibility (that) we are floating in oil and gas in this country. And, we don’t explore it. We put every obstruction not to do it. There is bureaucratic obstructions and delays. And also there are other lobbies. They don’t want us to stop imports. Every minister is threatened many a time. Every minister who occupies this position is threatened,” he told reporters here.
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Moily refused to name anyone. “History will speak about it. It is for you to judge,” he said, adding that oil imports will rise dramatically if domestic production is not incentivised through right pricing policy. “This (increase in oil imports) will work to the detriment of the country. We are challenged by the vagaries of international price.”
Moily said he would not be cowed by any lobby and would continue to work to make India energy-independent by 2030. “I am not helpless. Any timid minister will not go forward.... I have come here to strive hard for the sake of the country, to work for the country. If anybody thinks that decision-making process in the oil sector will be prevented, they are totally wrong.” He said he was open to any suggestion by the CPI leader, after Dasgupta had alleged the gas price increase was done to benefit Reliance Industries.
The revision in natural gas prices was aimed at reviving investor confidence and attracting investments, he said. “For the last four-five years, investor sentiments is not that high.... We have to give the right price, otherwise nobody will come. One well (in the ultra-deep-sea) may sometime cost millions of dollars.”
Moily said, “After having dismantled many of the obstacles, it is in the national interest to go for aggressive exploration. Investors should also come. They should be attracted. It is not being done now.” Moily said he has proposed to the Cabinet Committee on Economic Affairs (CCEA) raising domestic gas prices from $4.2 per million British thermal unit to $6.775.
India spent a record $160 billion on import of oil last financial year and the geographical progression is that imports are going up, he added. Raising domestic oil and gas production by increased exploration is the answer but decisions are not taken, which is hurting the country. “Decisions are not taken. Trend is not to take decisions here. I don’t want to blame anybody. This is the fate of the country,” he said.
