Venkaiah Naidu calls for increasing indigenous production of crude oil.

Why in News

• Vice President M. Venkaiah Naidu called for increasing indigenous production of crude oil through strong R&D efforts to ensure energy security of the country. He was delivering the convocation address at the first convocation ceremony of the Indian Institute of Petroleum and Energy (IIPE), in Visakhapatnam.

Why it is Important

• Highlighting ‘Atma Nirbharta’ (self-reliance), Vice President said there should be more focus on increasing domestic exploration of petroleum, harnessing the full potential of renewable sources and aiming for excellence and innovation in the energy industry.
• India is the world’s third largest consumer of crude oil and yet import-dependent for more than 80 percent of its needs.
• He underlined the importance of increasing production, not only to save foreign exchange but also to ensure energy security.
• He noted various policy reforms of the government such as the Hydrocarbon Exploration Licensing Policy (HELP) aimed at increasing exploration in new sedimentary basins.
• IIPE is a dedicated university for petroleum research and was recognized as an Institution of National Importance in 2017 through an Act of Parliament.