'Our Approach Is Simple - Diversify Sourcing'

PETROLEUM AND NATURAL GAS MINISTER DHARMENDRA PRADHAN, IN AN EMAIL INTERVIEW WITH ANILESH S. MAHAJAN, EXPLAINS INDIA'S ENERGY DIPLOMACY, STRATEGY FOR RENEWABLE ENERGY, NEW POLICIES FOR ATTRACTING CAPITAL AND ATTEMPT TO UNSHACKLE THE PUBLIC SECTOR OIL GIANTS. EDITED EXCERPTS

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Prime Minister Narenda Modi has set an ambitious target of reducing hydrocarbon imports. What is the progress??

A: To reduce hydrocarbon imports, we pushed for increase in domestic production of oil & gas, promotion of bio-fuel and renewables, conservation and demand substitution and improving refining capacity. The Hydrocarbon Exploration and Licensing Policy, Open Acreage Licensing Policy and Discovered Small Field Policy, along with liberalisation of the regime for mining unconventional hydrocarbon resources with a single licence and marketing freedom are all aimed at enhancing production. Apart from this, the cost recovery-based system will be replaced by an easy-to administer revenue-sharing model.

What is your experience of using diplomacy to ensure energy security?

A: Our approach towards energy diplomacy is simple — diversify sourcing; bargain for better terms; find new markets; collaborate with countries that are similarly placed; and seek investments. We stepped up government-to-government dialogue and engaged with colleagues at external affairs ministry and Indian missions to become active stakeholders in ensuring energy security. We regularly talk to global energy majors, visit leading universities to meet experts and are backing our companies to up their game internationally.