The Presidnet Mr Pranab Mukherjee has underlined the need for coordinated action, efficient planning and massive investment for developing new technologies in oil sector and reshaping energy policy.

Speaking at a Petrotech-2012 conference in New Delhi, Mr Mukherjee said that due to the high dependance on imported oil, India's crude import has crossed 150 billion US dollar.

He said, in the present climate of rapid changes in the hydrocarbons sector, the Government’s top priority is to realize the full potential of coal bed methane, shale gas, underground coal gas, gas hydrates, and biofuels.

Mr Mukherjee said that the Government is working towards extending fiscal incentives similar to those provided for exploration of oil to all forms of natural gas exploration and exploitation.He said that it will be necessary to accord due priority to the development of a countrywide gas pipeline transportation infrastructure.

He said that the Indian hydrocarbon sector must be equipped to responsibly deliver ever cleaner, ever more reliable and ever more affordable energy.

Mr Mukherjee also stressed the need to build strong economic partnerships with other oil producing countries for the mutual benefit of each other.

The president also suggested the participants of Petrotech 2012 to explore the possibility of an association of oil and gas companies to deliberate upon such issues of shared interest.