New Delhi: Prime minister, Manmohan Singh, on Sunday said the government was looking at the possibility of restructuring of the oil PSUs on a priority basis, with a view to making them globally competitive.

"We can no longer be complacent and must learn to think strategically, to think ahead and to act swiftly and decisively," Singh said inaugurating the Petrotech Conference-2005 in the capital.

Singh said the move required a greater degree of professionalism in the management of the country''s oil and gas PSUs and in formulation of energy security strategy, he said.

The prime minister said that for meeting the burgeoning demand for petroleum and gas, the government had completely opened the exploration and production sector for private participation. He said the fifth round of bidding was launched on January 4 offering 20 blocks for exploration of oil and natural gas.

Singh said that the rational pricing of energy was a critical aspect of the energy policy and a vital element of energy security for the country.

"The introduction of pricing in the demand model is important as it is the critical factor that will help in not only ascertaining the correct pattern of the energy mix but also enabling a better demand forecast for each energy type," he said.

He said India was not blessed with the luxury of abundant fossil fuel resource and, hence, had to step up the efficiency of energy consumption to moderate the impact of growth on the demand for energy. "Clearly the challenge before us as a nation is to meet energy needs of all segments of the population in an efficient and affordable manner ensuring long-term sustainability and environmental protection,'''' he said

The prime minister said that apart from pricing and sourcing, technology was another area that required special attention.

"Technology today is driving business in the hydrocarbon sector and has transformed the oil industry from a commodity business that it once was to a high-tech industry," he said.

The prime minister hoped new rounds of bidding would contribute in a major way towards a comprehensive exploration of the Indian sedimentary basin and also catalyse private investments.

He said that while efforts of ONGC-Videsh and Indian Oil Corporation are laudable, there was still some distance the firms had to travel to catch up with global competition.

"I urge our oil and gas PSUs to think big, think creatively and think boldly. They have to be more fleet-footed in making use of global opportunities, both on the supply and demand side," he said.