India smart Oil
Nov. 12th, 2007 by AlThis is the fifth day of deepavali festival, a hindu faith and I decide to talk about India involvment in Oil.Rise of india is a ‘Jaggernaut’ force that no one can stop.
The hindu god named krishna also called jagganath, in religous procession, devotees will throw themselves into the wagon which the statue Krishna was placed subjecting themselves to the god.Hence the word Jaggernaut came about which mean a strong advancing force which will crush anything in front of it
India has been growing 10% the last 2 years and only behind china by 1% .Growing resurgence has seen many smart indian returnees from abroad into the IT sector.This spillover to her energy sector boosted her increase in petro engineers too.
However all this means much more energy India will need to harness to propel her ever growing economy compared to 2 decades ago. National company like ONGC(Oil national and Gas company) is doing her part to drill oil worldwide just her IT cousins Infoysys are doing a good job at outsourcing software development.
In-situ combustion(ISC) process employed by ONGC help to recover heavy crude oil are expected to be increase in the future as the Oil is getting more difficult to drill as it gets deeper. The company will be awarded large blocks of oil in exchange for her efforts in Venezuela and other mid east countries as time goes by.
Venezuela seems to be the dark horse in the oil market controlled by Chavez administeration now.She holds more than 1 trillion barrels of heavy oil but more than
50% cannot be recovered by today’s technology.
Will India engineers save the world from huge oil price increase?Maybe in the short term
but even they can’t turn the tide of decreasing oil reserves and produce new oil.
No comments yet.