In a brilliant extempore exposition the key issues afflicting the oil & gas industry were brought out by Shri R. S. Sharma, CMD, ONGC in his inaugural address at the seminar on 'The Global Economic Crisis: Implications for Oil Markets and Investment Environment' organised by PetroFed in knowledge partnership with member company PFC Energy, USA on May 12, 2009 at New Delhi.

Lauding the work being done by PetroFed and complimenting PFC Energy for its incisive reports, Mr. Sharma called for continued investment in the oil & gas sector in the current economic downturn lest it affects growth and discoveries in future.

The Guest of Honour, Shri Vikarm Singh Mehta, Chairman, Shell Companies in India highlighted the importance of implementation of the various laudable policies while suggesting changes in a few areas. 

In his keynote address Mr. Fareed Mohamedi, Partner, PFC Energy and Head of the Markets and Country Strategies Department with Country Risk and Geopolitics as an area of expertise, drew the contours of the global economic crisis, the resulting liquidity crunch for investment and how it could in the long term do serious harm to R&D spending and development of new technology.  He subsequently also dwelt on the petrostates and the implications of the global economic crisis on India.  The latter was elaborated upon by Ms. Gauri Jauhar, Senior Consultant, Strategy & Competition for the Upstream and Gas Group of PFC Energy.

The OPEC market and the opportunities and risks in doing business globally were dealt with by Mr. Raad Alkadiri, Senior Director for Country Strategies, PFC Energy and the leader of their Iraq Advisory Practice.

A prolonged question and answer session demonstrated the keen interest of nearly five score senior executives including several CEOs and Directors.

Participants were earlier welcomed by Shri S. L. Das, Director (BD&C), PetroFed and a vote of thanks was proposed at the conclusion by Shri Y. Sahai, Director (Comm. & Mktg.), PetroFed.

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