My Full speech at the FIPI Oil & Gas Annual Awards
Nov 27,2024
Delighted to attend the FIPI Oil and Gas Awards Ceremony today.
Among the large knowledgeable audience were captains of the industry, energy sector professionals and officials whose rich experience in conventional energy sources and efforts towards innovations in alternative energy sources are propelling India’s green energy transition under the dynamic leadership of PM Narendra Modi Ji.
India is the world's third-largest importer of crude oil and consumer of energy and will account for 25% of the global increase in energy consumption in the next two decades. We are moving towards a stronger knowledge economy. In the last five years, Indian entrepreneurs filed more than 1,400 patents in deeptech. India now has the third-largest start-up ecosystem in the world, with more than 1 lakh start-ups and nearly 120 unicorns.
On the energy front India has undertaken landmark reforms in the upstream, midstream, and downstream sectors of Hydrocarbon industry in India which have led to diversification of crude supplies, gas pricing reforms, opening up of NO-GO areas, amendments in ORD Act, increasing exploration acreage, expanding refinery capacities, increased ethanol blending% in petrol, expanding CGD & LPG infrastructure in the country are aimed to lay foundation of a sustainable, affordable and secure energy future for Indian citizens.
India is the only country in the world where fuel prices have come down over a 3-year reference period. LPG cylinder prices in India after price cuts and subsidies are one of the lowest globally; even lower than that of energy producing nations. Cooking costs only ₹6/day for a PMUY household and ₹14/day for non-PMUYhouseholds.
Our refining capacity is set to expand to 310 MMTPA by 2028. We are aiming to increase the explored area to 16% by 2025 after OALP rounds; & have set the target to increase India's exploration acreage to 1 million square km by 2030 while we have successfully reduced no go areas in EEZ by 99%.
India has taken giant strides in the area of green energy transition with ethanol blending in petrol at 16% in 2024 poised to reach 20% next year. We are today, in terms of biofuel blending, the second largest economy after Brazil, and are selling E20 mixed fuel in 17,200+ stations around the country & E100 in 4 states.
