Iseas Series on Energy- A New Energy Frontier (The Bay of Bengal Region)

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This book is the outcome of the Conference held at the Institute of Southeast Asian Studies (ISEAS) in Singapore in September 2006 to discuss energy and energy-related issues in the Bay of Bengal region. The region can be described as comprising the countries around and in the proximity of the Bay of Bengal. With a combined population exceeding 1.5 billion, the energy requirements of this region are enormous and are expected to grow exponentially. While the potential for energy resource availability is high, the investments for their exploration or extraction had so far been marginal. Prospects for renewable and sustainable energy also needs to be fully examined. There are other issues as well, such as transportation security, role and responsibility of the private sector including multinationals. The energy scene in the Bay of Bengal region therefore merits extensive study.

Energy is a principal concern and preoccupation today. In fact, most discourses on international relations these days touch upon energy security. While there is competition among many nations to acquire assets of energy, there is also interest to initiate dialogues with energy as the main focus. Pipeline diplomacy has assumed increasing importance. Energy, especially the hydrocarbons, appears to be leading to a sense of interdependence in the world.

Besides discussing the overall energy position in the region and its potential, the book features perspectives on a few countries of the region with regard to energy availability, energy security or energy trading capacity.

While energy-related issues are marked by their universal relevance and importance, it is instructive to see how they apply in the regional or sub-regional context, including in the Bay of Bengal region. The book analyses some of these issues, such as renewable energy, "corporate social responsibility", or maritime security of energy transportation, both in their basic concept as well as the contextual importance to the region.

This volume is of special relevance for a number of very pertinent reasons. Firstly, the nations of South and Southeast Asia are going through rapid economic change, particularly with India having registered very healthy rates of growth over the last five years or so. At the same time the Asian economic crisis of a decade ago has now become history, and the countries of the region are now making rapid progress in every sector of their economies. But one important area, which could influence economic growth and development in either direction is the issue of energy which, given the dependence of the region on oil imports and prevailing high prices of oil, does introduce an element of uncertainty about the future.

The editor is particularly well qualified to write on the subject of energy and related issues in the Bay of Bengal region. While the countries of the region have clear opportunities for mutually beneficial cooperation in the field of energy, the success of any effort in this direction would hinge on diplomatic initiatives and the history of relationships between the countries of the region. There are also compelling domestic factors that would influence cooperation in the future, such as the ability of Myanmar to open up its hydrocarbon sector to foreign investments and trade. Similarly, in the case of Bangladesh, the possibility of export of natural gas to India or even the provision of a transit pipeline to allow gas from Myanmar to be supplied to India became an emotional issue several years ago. Diplomacy has to take political realities into account if progress has to be achieved with regional initiatives in areas such as energy. The BIMSTEC region has been grappling with possibilities of closer cooperation in energy trade in recent years but without notable success. Hence the need for some "out of the box" thinking and action.