Expect new policy for petroleum & natural gas sector: Ram Naik

JAIPUR: The Centre is likely to draft a new policy for the petroleum and natural gas sector, former petroleum minister and now governor of Uttar Pradesh and Rajasthan, Ram Naik, has said.

"I have spoken with the petroleum minister and both he and Prime Minister Narendra Modi realise that increasing (domestic) production (of crude oil) is very important, so the central government is likely to come up with a new policy," Naik told the media on Friday after he was sworn in as the governor.

The reference to India's petroleum sector came up when Naik mentioned his 'initiatives' regarding oil and gas exploration in the early 2000s when he served as the union minister.

Citing data, the former BJP MP said he had inaugurated the oil fields in Barmer at a time when the country's oil demand was much less. "Of the total crude oil requirement, India needed to import 70 per cent 10 years ago and today we need to import 80 per cent. This is because domestic production has not kept pace with increased consumption," said Naik.

It was to address this situation that the country needed a "stable" petroleum policy, Naik emphasised. He also assured that he would play the role of a "bridge" between the Centre and state and resolve pending problems like the MoU with HPCL for starting a refinery in Barmer.