The future of the hydrocarbon industry would be highly technology driven in terms of extracting higher value from existing hydrocarbon resources. Cairn (India) director, operations, Rich Paces said this at the inauguration of the Students of Petroleum Engineers (SPE) festival at the University of Petroleum and Energy Studies on Thursday.
UPES SPE student Chapter organises this festival annually and this year’s UPES SPE Festival is based on the theme ‘Vision to Venture for Victory’. Paces said, “An increase of 1 per cent in the recovery of hydrocarbons from the existing and producing resources can meet the global hydrocarbon demand for three years. There is much scope for petroleum engineers in the country since Indian hydrocarbon industry has so far focused its activities only in seven of its 26 sedimentary basins and of these exploratory drilling has so far been conducted in 65 per cent of the on shore basins,” he said.