'Make India global oil storage hub'

With the UPA in power for a second term, the government will continue to work on the strategy to ensure affordable fuel to every citizen, says oil secretary RS Pandey. Excerpts:

What measures are expected in the sector?

I see continuity. Enhancing domestic production of oil & gas is our top priority. This year we have offered largest number of blocks under Nelp-VIII. Acquisition of assets abroad will also be the focus. Another priority is to meet energy requirements of the citizen, especially the poor at an affordable price.

Would ONGC Videsh Ltd be more aggressive in acquiring assets abroad?

That is only one part of the strategy. So far, it has been successful. OVL has recently got the Satpayev block in Kazakhstan. It acquired the Imperial Energy last year. Acquisition will continue, but we also want to make India a destination for global crude storage.

Is there any progress in that direction?

We can enhance the relationship from merely buyer & seller to partners. Instead of signing annual contracts with countries for lifting crude oil, we may sign long term contracts provided they commit to invest in creating crude oil storage facilities in India. Their crude will be stored here. From being a refining hub, India may also become a global hub for crude storage. Investing country can move the crude to neighbours at short notice while India will have another source of secured supply.