Abstract:
The global energy requirement has grown at a phenomenon rate and the consumption of primary energy sources has been a very high positive growth. This paper focuses on the consumption of different primary energy sources and it identifies that coal will continue to remain as the prime energy in foreseeable future. It examines energy requirement perspective for India and demand of petroleum, natural gas, coal bed methane and underground coal gas in the foreseeable future. It discusses the state of present day petroleum and petrochemical industries in the country and latest advances in them to take over in the next few years. Economic development and poverty alleviation depend on securing affordable energy sources and for the country's energy security; it is necessary to adopt the latest technological advances in petroleum and petrochemical industries by supportive government policies. Attempts are made to lay a road map for these industries to benchmark themselves with the best practices employed in India and abroad. It discusses the strategies to be adopted for growth and meeting the energy demand. But such energy are very much concerned with environmental degradation and must be driven by contemporary managerial acumen addressing environmental and social challenges effectively. The paper concludes that energy security leading to energy independence is certainly possible and can be achieved through planed manner.
