NEW DELHI: As the global energy landscape is disrupted by various alternatives to fossil fuels, the Ministry of Petroleum and Natural Gas has created a business vision to keep itself and the public sector's various initiatives relevant to the continuously changing energy landscape. and plans to hire a consultant to provide a restructuring plan. world.
“The objective of the project is policy change and capacity building,” the proposal states, seeking budget funding of 75 billion rupees to pay consultants. The proposal to hire a consultant was discussed by the Delegated Investment Committee at the end of February. He will be hired for a three-year teaching assignment starting in the 2024-25 academic year.
“Key interventions/components include energy sector situation assessment (energy security, energy transition, new alternative energies, new energies, etc.), future forecasts, gas economy strategy and future Ministry of Petroleum and Natural Gas business vision. settings,” the paper said. Say.
The main targets of the research are:
(1) Strengthen the Department's implementation capabilities across its mission through global benchmarking, process reengineering, knowledge management, and integrated monitoring.
(2) Study trends, prospects, and fiscal regimes applicable to the oil and gas industry in major oil and gas producing countries. To study the frameworks adopted by these countries to promote domestic production of supply chains and ancillary industries.
(3) Complete the assessment and exploration of all sedimentary basins and enhance the nation's oil and gas production at a faster pace along with integrated ocean energy development.
(4) Increase the role of biofuels in India's energy basket to reduce import dependence.
(5) Emphasize decarbonization to help India achieve its net-zero goals.
(6) Formulation of India's gas economy strategy.
(7) Evaluate and analyze the national fiscal incentives and tax structure to prepare an incentive framework to promote the 'Make in India' initiative.
(8) Analysis of the current decommissioning, site recovery, and disaster management system.
(9) Establishment of a monitoring and evaluation system in the upstream, midstream, and downstream sectors of exploration and production operations.
“The overall objective is to assess the changing landscape in the energy space, conceptualize and drive related strategic initiatives, provide implementation and monitoring support to realize results, and develop organizational structures, governance models, and to improve organizational capacity and effectiveness,” it says. There is a need to develop a management system that takes into account the ministry's current responsibilities and new opportunities. ”
