New Delhi, Oct 29 (IANS): Petroleum and Natural Gas Minister M. Veerappa Moily Monday promised faster decision-making and aggressive efforts to attract foreign investment and secure India's energy security.
Taking charge of the ministry after Sunday's cabinet reshuffle, Moily said: "Decisions will be quickened and efforts will be made not to keep things pending."
"There is $50 billion worth of foreign investments waiting," he said.
Setting his priorities, Moily said he would soon bring out a road map for bringing consumption up to six barrels per person per year to boost economic growth.
"Average worldwide oil consumption is 14 barrels per person per year while in developing countries it is three barrels per person per year. In India, the picture is not so happy with a consumption of 1.2 barrels per person per year. This is a matter of grave concern."
The minister said his priorities in the petroleum sector were the same as laid down by Prime Minister Manmohan Singh in the agenda for the 12th Plan (2012-17) for providing energy security for the country.
"Our country cannot afford import dependence of 80 per cent. This impacts our inflation. We need to talk to MEA (Ministry of External Affairs) to campaign for India's energy security aggressively."
Raising India's oil and natural gas production is one of the minister's major challenges. "Many of our gas-based plants are lying idle, starved of gas," Moily said.
Domestic gas output continued its declining trend for the 22nd straight month in September year-on-year, even as the oil output saw a dip during the month.
To a question whether the prices of gas for producers fixed by the government till 2014 would be revised before these were due for revision in line with demands from producers like Reliance Industries, Moily said government policy is based on overall national interest and not determined by individual cases.
A panel headed by the chairman of Prime Minister?s economic advisory council, C. Rangarajan, is looking at resolving issues such as profit-sharing between the investor and the government and effective supervision of projects.
Asked whether his predecessor S. Jaipal Reddy was shifted to the science and technology ministry for thwarting such demands, Moily praised Reddy saying the latter had "done a wonderful job" as oil minister.
Asked about his own transfer from power to oil and gas ministry, Moily said: "It is a challenging Ministry. I will be dealing with every issue very cautiously."