He was speaking here on Tuesday after inaugurating the three-day Indian Geo-physical Union (IGU)’s forty-eighth annual convention, jointly organised by the National Institute of Oceanography, the National Geo-physical Research Institute and the Andhra University.
He said that soon the reserves in the country, estimated at 5.6 billion barrels, would become depleted and consumption was going up all the time.
The present consumption is 3.2 million barrels a day and the production 6,80,000 barrels a day. The per capita consumption is one barrel as against the world’s 23.6 barrels.
He said the country would have to adopt new technologies to extract more oil from its wells and it should strengthen ties with oil-rich countries. He said Venezuala, Saudi Arabia, Iran and Iraq in particular should be befriended. The normal practice was to extract only 30 per cent from the well abandon it. The exploration should become deeper.
Earlier, Prof. Talwani released a book named “Tectonics of the eastern continental margin of India” authored by NIO scientists K.S.R Murthy, A.S Subrahmanyam and V. Subrahmanyam.
source: http://www.thehindubusinessline.com / Home> Industry & Economy> Economy / by Our Bureau / December 20th, 2011