India is also one of the least explored regions in the world, with a well density of 20 per 100 sq km. Of the 26 sedimentary basins, only 8 have been explored so far. The country’s predicted hydrocarbon resources are currently put at between 29-33 billion tonnes of oil equivalent, of which 10 BTOE are onshore, 12 BTOE offshore and 7 BTOE in deepwater. However, analysts believe that more than 81% of the country’s hydrocarbon potential still remains to be explored.

Seen in this context, the significance of the just concluded SPE Indian Oil & Gas technical conference and exhibition in Mumbai assumes great significance and meaning. The exploration business has come a long way since Digboi and the KG find has already broken many myths.

The find was a triumph of technology, and but for the most modern digital photography and seismic studies that went into locating, recognizing and unearthing the potential of KG, it would never have been possible. SPE was a highly technical event, much more so than most similar events. Some of the world’s biggest oil and gas players showcased the technology of tomorrow at the MMRDA grounds during those 3 eventful days. ONGC, which has always been in the vanguard in such efforts, has given the country yet another winner by being in the forefront in facilitating this magnificent event.

Another thing that marked out the SPE conference was the enthusiastic and robust participation of the student fraternity. Rarely has a purely technical event attracted such a huge participation of the student fraternity as the SPE 2008. This only proves that India is maturing as an oil and gas hub in the new world and that its youth have developed the vision to foresee India’s place in that world. This augurs well for the future and I can clearly see many more Mumbai High’s and KG’s on India’s landscape in the future.

Thank you ONGC and thank you, all of you, who have contributed to bring us SPE 2008! May your tribe grow and flourish.