India needs to prioritise its resources towards technologies that address the country’s immediate and strategic energy requirements, said Arun Kumar Singh, Chairman and CEO, Oil and Natural Gas Corporation Limited (ONGC), on Tuesday.

Speaking at an event at IIT Bombay, Singh emphasised the need for India to become more efficient and innovative in addressing its energy requirements. He pointed out that while India has a large and growing start-up ecosystem, the energy sector accounts for only a small proportion of this ecosystem, with oil and gas representing an even smaller share.

Given the strategic importance of energy and the long development cycles involved, Singh emphasised the need for a more focused approach to innovation and technology development.

He also highlighted the potential of artificial intelligence (AI) to improve production efficiency, reduce wastage and make assets and processes more efficient. AI could be used for better subsurface understanding and improved identification of drilling locations, which can enhance the probability of success and enable more targeted exploration, including in deep-water areas, he added.

He also emphasised that India needs to strike a balance between pursuing futuristic technologies and addressing immediate national priorities. With resources being limited, he said the country needs to learn to “prioritise our resources where we should spend”.

He highlighted the importance of indigenous innovation in areas such as bioenergy and other energy technologies, noting the broader economic and strategic benefits of developing capabilities within the country. He underscored the importance of fostering a culture in which researchers and innovators are driven to pursue new ideas and solutions.