By Bhamy V. Shenoy, Oil Industry Expert
It was a pleasant surprise when I got a call from CNBC-Noida inviting me to participate in a panel discussion on “Unleashing of India’s oil and gas potential.” How did they happen to know about me when I am a perfect example of modern day untouchable in Mysuru?
It is a fact of life that when one becomes an activist, no one would like to take the risk of inviting such activists. Late Dr. H.A.B. Parpia, one of the founders of Mysore Grahakara Parishat (MGP) was another such example. Later I came to know that when CNBC contacted Cairns India (a leading private oil company) to recommend a name of an international oil economist, they suggested my name. Cairns managers came to know about me from my articles in Economic and Political Weekly, Deccan Herald, Financial Express, etc., and that is how I got the invitation.
Panel consisted of former Petroleum Secretary Vivek Rae; CEO of Cairns-India Sudhir Mathur; CEO of Hindustan Oil Exploration Company P. Elango and Energy expert from NITI Aayog R. K. Gupta. It was anchored by Gautam Srinivasan, Communications expert who flew in from Mumbai. I travelled from Mysuru spending slightly more than 24 hours to talk for less than 5 minutes in a 22-minute show!
Discussion was dignified. There was no shouting against one another unlike in most Indian TV channel discussions. There were diametrically opposing views between panel members. Rae claimed that the government’s initiative of putting information on India’s sedimentary basins should help India to attract foreign investment. I contradicted him by stating what is of critical importance is sanctity of contracts which is absent in India. I further argued that many large companies already know a lot about our basins and it is not a significant factor.
I was shocked when Rae stated that in a democratic set-up like in India, companies should not expect sanctity of contract and be able to work despite it. I was further shocked when other two CEOs did not contradict him. When my turn came again, anchor had to cut me short and I did not have time to elaborate.
Since the recording of the show, there have been some new developments in Indian petroleum sector. As a result of increase in international crude oil prices, Indian petrol prices have been making record highs. To reduce the burden of higher petrol and diesel prices, government has floated trial balloon of imposing so-called windfall profit taxes. Such a tax will be death knell to any efforts of the government to unleash India’s potential in oil and gas.
Those interested to learn about India’s oil and gas potential can watch CNBC panel discussion on June 2 and 3 (repeat) at 6 pm.
This post was published on May 30, 2018 6:36 pm