Vice President Venkaiah Naidu stresses on indigenous crude oil production

Visakhapatnam: Institutions like Indian Institute of Petroleum and Energy (IIPE) have a central role to play in bridging the supply-gap of skilled manpower, aiming for excellence, building stronger institute linkages, including prominent private players, Vice President M Venkaiah Naidu said.

Delivering the first convocation address of the IIPE at VMRDA Children's Arena in Visakhapatnam on Friday, the Vice President mentioned that petroleum and its allied products have played a critical role in propelling the progress of the world in modern times. "From the discovery of the first oil reserves at Digboi in Assam, the sector has seen a phenomenal rise in India, greatly aiding the country's progress post-independence," the Vice President mentioned.

Today, India is the third largest consumer of crude oil in the world. However, more than 80 percent of India's oil needs is still import-dependent. "This trend has to be changed as it is important to increase the production of the indigenous crude oil, reduce the dependency on imports, save precious foreign exchange and ensure energy security," Mr. Venkaiah Naidu stressed.

With increasing population, urbanisation and industrilisation, the Vice President observed, the use of petroleum products is only expected to increase further. "For India, the primary energy demand is expected to grow at an average rate of more than 3 percent till 2045 as compared to less than 1 percent growth for the rest of the world. This highlights the importance of shifting to alternative sources," the Vice President elaborated.

There is a need for the institutions to invest in hydrocarbon research in a big way, focussing on industry-institute linkages to boost research and development outcomes, create an ecosystem to innovate for the country to become energy-secure in the coming years, Mr. Venkaiah Naidu noted.

Privatisation is the way forward and 'public-private-partnership' has to be encouraged, the Vice President mentioned.

Exhorting the students to come up with innovative ideas, Mr. Venkaiah Naidu suggested focussing on increasing domestic exploration of petroleum by tapping the full potential of renewable sources.

Further, the Vice President called upon civil society groups, students, medical professionals and the government to reach out to as many eligible persons as possible to get inoculated as it drastically reduces the need for hospitalisation and admission to ICUs. "Vaccine hesitancy had to be shed and all the stakeholders should strive towards achieving the target of 100 percent vaccination," the Vice President emphasised.

Union Minister of State for Petroleum and Natural Gas, Labour and Employment Rameswar Teli, Fisheries Minister Sidiri Appala Raju, president of Board of Governors, IIPE PK Banik and Director VSRK Prasad, Vice Chancellors of other universities, among others participated in the event.