PETROTECH Conference - 9th International Oil & Gas Conference and Exhibition 2010

This deceptively simple and elegant theme encompasses myriad dimensions and perspectives. The obvious interpretation is the geo-political context of establishing equilibrium between hydrocarbon suppliers and consumers. This utopian 'equilibrium' is yet to be achieved as hydrocarbon is increasingly seen as a 'national' resource that can be used as leverage for attainment of political objectives and not merely as a commodity that is traded freely in accordance with economic principles. Further, the 'traditional' centers of production and consumption are, propelled by aggressive growth in the East and relative decline and even stagnant growth in the West. To further complicate the paradigm, no country can claim to be self-sufficient in its requirement of hydrocarbons. If it has an abundance of one form, say oil, it is deficient in the other, say gas. Along the same vein, technology and services required to monetize hydrocarbon assets are not equitably resident. Inter-dependence is therefore the key to establishing a 'Global Energy Equilibrium', at least in the hydrocarbon sector.

The need to contain ecological damage is another imperative that will necessitate a complete re-think of the 'traditional' energy basket, presently loaded in favour of fossil fuels. Nuclear energy, one reviled, is now getting a re-look in the context of its ecological footprint vis-à-vis fossil fuels. This consideration could dramatically reconfigure the energy basket of countries and alter geo-political sensitivities hinged on hydrocarbon assets.