Hydrocarbon Vision 2025
- A ministerial group set up by the Prime Minister to give focus on long-term energy security for India has developed the following vision for the next 25 years.
- To assure energy security by achieving self-reliance through increased indigenous production and investment in equity oil abroad.
- To enhance quality of life by progressively improving product standards to ensure a cleaner and greener India .
- To develop hydrocarbon sector as a globally competitive industry which could be benchmarked against the best in the world through technology up gradation and capacity building in all facets of the industry.
- To have a free market and promote healthy competition among players and customer service.
- To ensure oil security for the country keeping in view strategic and defense considerations.
- Focus on oil security through intensification of exploration efforts and achievement of 100% coverage of unexplored basins in a time bound manner to enhance domestic availability of oil and gas.
- Secure acreages in identified countries having high attractiveness for ensuring sustainable long-term supplies.
- Pursue projects to meet the deficit in demand and supply of natural gas, and facilitate availability of LNG.
- Maintain adequate levels of self sufficiency in refining (90% of consumption of middle distillates).
- Establish adequate strategic storage of crude and petroleum products in different locations. Create additional infrastructure for distribution and marketing of oil and gas.
- Open up hydrocarbon market so that there is free and fair competition between public sector enterprises, private companies and other international players.
- Create a policy framework for cleaner and greener fuels.
- Have a rational tariff and pricing policy, which would ensure the consumer getting the petroleum products at the most reasonable prices and requisite quality, eliminating adulteration.
- Announce a long-term fiscal policy to attract required investments in hydrocarbon sector.
- Restructure the oil sector PSUs with the objective of enhancing shareholder value and disinvest in a phased manner in all oil sector PSUs.
- To develop regulatory and legislative framework for providing oil/gas security for the country.