Livemint | India to account for 25% of global energy demand growth over next 2 decades

Oct 12,2022

India will likely account for 25% of global energy demand growth over the next two decades, said Union minister of Petroleum and Natural Gas, Hardeep S Puri on Wednesday.

Addressing a round-table on ‘Opportunities in the India-US Strategic Partnership’ in Texas, US, the minister said that India’s energy strategy is mindful of commitments to global commons, to green transition and ensuring energy availability, affordability and security to all.

“India has taken many steps towards low carbon development, including through emerging fuels like hydrogen and bio-fuels. Despite the current challenging energy environment, India’s commitment to energy transition and its climate mitigation goals is not going to diminish," Puri added.

He said that India is undertaking major reform to rationalise and incentivise exploration and production by reducing no-go areas by 99% opening up approx. 1 million sq kms,and making good quality geological data available through the National Depository Registry.

The minister launched a special Coal-bed Methane (CBM) and offshore bid rounds in Houston, offering 2.3 sq lakh km, after opening up over 1 million sq kms of no-go areas.

Puri said the immense potential between the two countries in areas of biofuels, gas-based economy, green hydrogen, petrochemicals & upstream sectors is evident and is being furthered by collaboration by our private sector companies. “Due to reform measures by Modi Govt, there is unprecedented interest in Indian E&P by global oil companies."

The round-table brought together over 60 participants from 35 companies, including senior leadership of energy majors like Exxonmobil, Chevron, Chieniere, Lanzatech, Honeywell, BakerHughes, Emerson, Tellurian. Indian energy PSUs also attended the event.