PwC Unveils Report on the Role of E&P in India's Energy Security

PwC Unveils Report on the Role of E&P in India's Energy Security PR Newswire NEW DELHI, October 16, 2012 NEW DELHI, October 16, 2012 /PRNewswire/ -- The Report States, India's GDP Would be up by 6.5% if it was Self Sufficient in Crude Oil Production. Read full report here PwC India unveiled an assessment it conducted of the oil and gas exploration and production industry in India. The report titled 'It's our turn now: E&P partnership for energy security', undertakes an independent analysis of 'why and how' it is possible to put in efforts to unlock India's hydrocarbon potential and achieve self sufficiency. According to the report, the economic benefits that could result if India becomes import-free today, is equivalent to more than a whopping 6.5% of India's current GDP. If 50% of the domestic requirement is met by home production, it is likely to generate an additional value of 47.2 billion USD, the report states. In this scenario, 3.7 million person years of employment too can be generated over a period of 20 years. The report suggests ways of achieving energy security with India focussing on exploration and production industry by bringing onboard an effective partnership of the central government, the national oil companies, the private and inward investing companies, the service companies and the state governments.