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The role of oil in 20th century is to develop the economies of the world: Moily

New Delhi, Thu, 05 Dec 2013 NI Wire

Union Minister of Petroleum and Natural Gas, Dr Veerappa Moily has said that the proposed Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline is expected to become a reality in next few years to transport natural gas from Turkmenistan to feed India’s energy needs in its north, south, and north eastern region.

The Asian Development Bank (ADB) is likely to play a lead transactional role in the take off of the proposed project under supervision of the new company, added the minister, further disclosing that countries concerned are looking for a lead partner to ensure that the TAPI is executed as targeted.

Addressing during the the 8th Asia Gas Partnership Summit 2013, Moily expressed the hope that the implementation of TAPI would serve the energy needs of partner countries and create excellent business opportunities for stakeholders in the project.

The two-day summit is organised by Federation of Indian Chambers of Commerce and Industry (FICCI), promoted Gas Authority of India Ltd (GAIL) and supported by International Gas Union (IGU) and Natural Gas Society.

Dr Moily said that the role of oil in 20th century to develop and building economies the world over will be supplemented by natural gas in 21stcentury. In this context, timely execution of the TAPI project is crucial to ensure that the beneficiary countries are able to obtain gas at affordable and stable prices to sustain their economic development with desired levels of growth rates.

India's energy needs would more than double in coming years, forcing it to explore both onshore and offshore under an economic regime that is investment friendly and reformist in nature. The effort would be make India a net exporter of hydrocarbon products in the future. This would require new discoveries for which an appropriate regulatory regime is sought to be put in place, he said.

The Minister for Oil and Gas Industry of Turkmenistan, Mr Muhammetnur Halylov, in his address said that of the total hydrocarbon reserves in his country, the share of gas is estimated at 70 per cent and its government has been developing gas fields in the best manner possible to enable to country become the lead supplier of natural countries in the Asia and CASPEAN region mainly through pipeline connection.

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