15 June, 2021

Flow Theory

As demand surges, India eyes foreign lands and higher domestic production to shore up its energy security

Flow Theory
It was during a private dinner at the Talisman Energy HQ in Calgary, Canada, that company CEO and president Jim Buckee candidly confessed to Atul Chandra, MD, ONGC Videsh Limited (OVL): "Hats off to you for having made such excellent deals...next time, I would like your team to be sitting on our side." Chandra cherished the compliment since OVL had successfully acquired a 25 per cent stake in the Greater Nile Petroleum Operating Company (GNPOC) of Sudan from Talisman for $720 million (Rs 3,600 crore).

Simultaneously, back home, the excitement after Reliance's gas discovery in the Krishna Godavari basin in May 2002 had become a frenzy. Cairns Energy, Niko Resources and even ONGC have all struck gas in areas as diverse as Rajasthan, Cambay Basin and offshore Gujarat. This has forced the government to seriously review the grand trans-Asia pipeline plans.

So if Sudan has consolidated our position internationally, the local gas discoveries have reinforced the prospects of India's long-term energy security. The issue has been a persistent concern and now with the Iraq war...

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