Mar 27, 2014, 7:48 AM
News Code: 81100176
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India must tie up with Iran to ensure energy security: Lt Governor

New Delhi, Mar 26, IRNA – India must tie up with countries like Iran and Turkmenistan to ensure energy security, said Lt Governor of Delhi Wednesday in New Delhi.

Identifying energy security as a major challenge facing India, Najeeb Jung today underlined the need for greater efforts to deal with the problem considering the long-term requirement.

Jung, who had worked extensively in the energy sector, said India must tie up with countries like Iran and Turkmenistan to ensure energy security, pti reported.

The Delhi Lt Governor was speaking after launch of a book titled 'The Political Economy of Energy and Growth' by Vice President Hamid Ansari. The book featuring essays by a number of energy experts has been edited by Jung.

It covers a wide range of issues on energy such as trends in oil markets, oil diplomacy, political economy of reforms, energy and environment issues, interaction between macroeconomic policies and technology challenges and innovations in the oil industry.

'We must find energy security. That is the biggest challenge we have. Since God hasn't endowed us with so much of natural resources in terms of energy, we have no alternative but to look for resources overseas,' said Jung, who served as an energy specialist with the Asian Development bank and worked with The Oxford Institute for Energy Studies in Oxford University.

'I really wish we can tie up quickly with Iran and Turkmenistan and others. Years ago we were looking for an under sea pipeline from Oman that didn't workout. We must do it.'

Jung said the way forward to deal with the challenge is to quickly develop production sharing contracts with oil firms.

'If we are able to deal with the challenge of energy security, I am optimistic that the energy crisis in India will transform into energy opportunities,' Jung added.

The book is a tribute to Padma Vibhushan awardee Vijay Kelkar for his contribution to the hydrocarbons sector.

Speaking on the occasion, Ansari said, 'This is a solid compendium and covers a whole gamut of issues which makes it a valuable volume, which is a dire necessity today but more needs to be done in the country in the energy sector.'

The essays in the book deal with international issues but with substantial focus on India and South Asia.

'I believe that the vast issues covered in the book ranging from the politics of oil and gas, energy, security, international issues, pricing, and the challenges for the future will add value to the existing knowledge on hydrocarbons, both for practitioners and for researchers on the Energy sector,' Jung said.

Assessing the energy sector and its evolution, especially its significance for overall economic growth and development, the book also analyses India's national energy policy and its long term implications towards achieving energy security.