Russia's evolving 'energy ideology' and its approach to defining its role in the global energy markets with the particular focus on the interests in and intentions for Asia have drawn considerable attention. Russia's claim for the role of 'global energy security provider', advanced with much aplomb in the context of the G8 chairmanship, is, however, undermined by the stagnation in the oil and gas production and increasing shortages of electricity.

It is now generally accepted that energy security could be significantly enhanced through sustained cross-border exchanges in many regions. In South Asia, however, regional energy security cooperation has seriously remained entangled in geopolitics. The possibility of overexploitation of natural resources such as coal, natural gas and oil reserves and the low level of political confidence in sharing hydro resources have placed serious obstacles to enhancing the level of energy security in the region.

While the efforts of ONGC-Videsh and Indian Oil Corporation are laudable, there is still some distance our firms have to travel to catch up with global competition. I urge our oil and gas PSUs to think big, think creatively and think boldly in this context…They have to be more fleet-footed in making use of global opportunities, both on the supply and demand side, I find China ahead of us in planning for the future in the field of energy security. We can no longer be complacent and must learn to think strategically, to think ahead and to act swiftly and decisively.

We live in an age of risk – the “risk society” to use a notable phrase of German sociologist Ulrich Beck. There seems to be no escape from the culture of warning and the politics of prediction, prevention and compensation. Every now and then, the world is subjected to comprehensive reports on the global impact of climate change. They underline the things that have now become all too familiar: melting ice caps in the polar region and submergence of tropical islands, with the poor underdeveloped countries bearing the brunt of these devastating changes.

Unlike other aspects of non-traditional security, energy security has been very closely linked with military security. Very often, it is the powerful state-consumers seeking to preserve an uninterrupted supply of energy at an affordable price, who threaten and use military force. At times, it is individuals and groups within the energy-producing countries seeking to resist energy-driven foreign interventions, who disrupt the supplies. The energy-military security nexus is at its peak in the present circumstances - mainly in Iraq, but also in the energy-rich West Asia.

The centre of gravity of global economic growth is rapidly shifting to the Asian continent. The transition is led by China and India which have propelled themselves onto a robust growth trajectory to be fuelled by affordable energy supplies. These developments have been accompanied by a fortuitous but significant growth in the sources of global energy supply, thanks to the re-emergence of Russia as the new petrostate and the discovery of substantial energy deposits in the Caspian and Central Asian Republics.