Study Material | Test Series | Crash Course
Drishti IAS
call1800-121-6260 / 011-47532596
Drishti The Vision Foundation
(A unit of VDK Eduventures Pvt. Ltd.)
Current Affairs Crash Course Download Player Download Android App
21st World Petroleum Congress
Jun 21, 2014

21st World Petroleum Congress was recently held in Moscow. The representative of India was Union Minister of State (I/C) of Petroleum and Natural Gas, Dharmendra Pradhan. He stressed the Indian world-view of energy. He said that Energy is one amongst five elements that are sacred to the Indian way of life and thus by definition needs to be sustainable and inclusive. India appealed world leaders to ensure that no one is left behind in the journey of growth and progress. India emphasised that the energy policy must serve broader economic growth and its benefits should not exclude the poor and the vulnerable. India outlined the importance of innovation, partnerships, simplification of the regulatory regimes, rule of law, promotion of renewable energy in achieving our goals of energy security in line with the priorities of the new government.

Dharmendra Pradhan said that our efforts must focus on promoting fiscal and regulatory regimes that are stable and equitable to both investors and owners of natural resources. He called for enhancing technology collaboration across the value chain since we have to delve deeper and explore in more difficult areas for oil and gas, including shale gas and tight oil.

The National Iranian Oil Company had introduced 41 projects, valued at $100 billion, to foreign investors at the 21st World Petroleum Congress. The projects entail the development of oil and gas fields, the establishment of natural gas liquid (NGL) plants, and the collection of associated petroleum gas at oilfields.

The World Petroleum Council is an international organization founded in 1933, and it organizes World Petroleum Congress (WPC) every three years. It is the largest event in the petroleum and gas industry. The council currently has 65 member nations, accounting for 95% of the world’s consumption and production of oil and gas. The principal objective of the WPC is to promote management of world petroleum resources for the benefit of mankind.

Theme of the Congress was Responsibly Energizing a Growing World. The multidisciplinary nature of the congress covers the entire hydrocarbon value chain in upstream, mid-stream and downstream sectors. India is a member of the WPC represented by the Indian National Committee in the council, headed by the Minister of Petroleum and Natural gas.


Helpline Number : 87501 87501
To Subscribe Newsletter and Get Updates.

http://www.drishtiias.com/upsc-current-affairs-article-21st-World-Petroleum-Congress