The year 2020 and 2021 have been challenging times for all of us in the industry since we all faced the stress and uncertainty of an unprecedented health emergency and commensurate economic downturn.
Rapid growth of Indian economy during the current millennium has put immense pressure on the oil & gas industry in terms of the demand growth and shrinking share of domestic oil & gas in the total energy mix. With majority of fields aging and Category-1 basins fast attaining exploration maturity, upstream companies in India are facing the unique challenge of accelerating realisation of field growth potential through state of art G&G technology. Accelerated efforts are being made towards consolidating the gains made in Kutch, Vindhyan and Bengal basins besides targeting new frontiers like Cuddapah and Narmada basins. Strategic orientation to bring additional Category III basins by acquiring prospective acreages to expand exploratory activities are also being pursued in right earnest. Efforts are also being directed to partner in National Exploratory Data Mission initiated by the Government of India. International outreach efforts are also being made for injecting experience of acclaimed industry knowledge partners through joint ventures.
In a bid to reduce greenhouse gas (GHG) emissions, the focus is on accelerated energy transitions and the implications that this would have for different parts of today’s oil and gas industry. The great American revolutionary statesman Benjamin Franklin once said: “When you’re finished changing, you’re finished.” Well, we’re far from finished. We’ve never stayed the same for long and have changed for the better. Energy landscape is changing fast and it will continue to do so, therefore efforts should be directed towards reducing carbon footprint of oil and gas production by adopting efficient environmentally sustainable activities.
Association of Petroleum Geologists provides a knowledge platform where academia, experienced geoscientists, new entrants from industry and students pursuing Earth Sciences can converge to deliberate on the evolving energy transition and find solutions that will facilitate in steering exploration and development arm of the industry as well as in fields of renewable energy. The efforts will also help in motivating younger India to make Earth Sciences as one of their career choices.
It is heartening to know that the present body of the association is an amalgamation of experienced and young office bearers who have the potential of fulfilling the Association’s mandate. I wish the 2021-23 APG Executive Body a fruitful and memorable tenure.