PHD Chamber organizes a webinar on ‘Future of oil & gas upstream sector post Covid in current price scenerio’

No.PR-65 May 11, 2020 New Delhi PHD Chamber organizes a webinar on ‘Future of oil & gas upstream sector post Covid in current price scenerio’ PHDCCI Hydrocarbon Committee organized a VIDEO Conference on “Future of oil & gas upstream sector post Covid in current price scenerio” on 11th May,2020 with Dr C. Laxma Reddy Additional Director General (Exploration) Directorate General of Hydrocarbons as the Key Note Speaker. Mr Rajeev Mathur, Chair , Hydrocarbon Committee, PHDCCI gave the welcome address and acknowledged the huge uncertainty of oil demand in the current scenario. He said that the oil demand had fallen 25-30% since COVID-19 due to the less usage of jet fuels,gasoline and other products except LPG. He also mentioned that since the production was up till last month we have enough surplus oil as of now. He stated that the demand recovery has already started in China. Though he also mentioned that due to the CVOID-19 situation the current price of oil and gas is not economically viable even though internationally oil prices have fallen. Dr C.Laxma Reddy,ADG (E),DGH in his Key Note address talked about the Impact of CVOID-19 and challenges faced by different economic platforms. He mentioned that the oil and gas sector has experienced a lot of heat due to lockdown in terms of demand. Crude oil demand is forecasted to decreased 9% year by year. Even though the situation looks grimp but the recovery should start by Q3 with a growth of 3%. He stated that oil & gas industry will emerge stronger as demand will start to increase overtime. He also mentioned that 95% of the oil & gas operations were on,even during Lockdown and DGH was working intensively with the Government on various policies,proposals and platforms. He focused on the need of digital platforms and Automation to be implemented in the industry and thanked the Chamber for organising this VC. Mr Pawan Tibrawalla,Co-Chair, Hydrocarbon Committee PHDCCI gave the formal Thank you address and hoped for a better future of the Industry. Dr. Ranjeet Mehta, Principal Director, PHDCCI moderated the session and also shared his inputs. The Video Conference was successfully attended by many senior officials of the industry. Ends. Media Division PHD Chamber of Commerce and Industry