New Delhi, Oct 7 India is determined to enhance self-reliance in the exploration and production of all forms of energy, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday.
The minister, at an event here, stressed how oil and natural gas have been the bedrock of India’s industrial growth and modernisation, giving 1.42 billion Indians access to modern energy services.
"As we look ahead to Amrit Kaal, the energy sector will play a pivotal role in achieving energy independence by 2047, a central pillar of Viksit Bharat under the leadership of PM Narendra Modi," the minister said in an X post later, "during an invigorating interaction with leaders of the industry, academia & energy sector professionals at the BP Energy Outlook".
India is now the world’s third-largest energy consumer, the third-largest consumer of oil, the third-largest LPG consumer, the fourth-largest LNG importer, the fourth-largest refiner, and the fourth-largest automobile market in the world, the minister said.
"The Chief Economist at BP, Spencer Dale, made a comprehensive presentation on global and India’s energy demand growth. His presentation highlighted that India’s spectacular energy demand of the next decade will require us to dramatically augment capacity in all forms of energy," the minister said in his social media post.
"Samudra Manthan - National Deepwater Mission launched by PM Modi is a bold step toward frontier resources. The last decade has also seen paradigm-shifting reforms transitioning from NELP to HELP, from ‘production sharing’ regime to ‘revenue sharing’ regime, launching OALP rounds, opening 99 per cent of offshore “No-Go” areas, and creating the digital NDR," Puri said.
At the event, the minister mentioned that energy transition requires a “nuanced understanding” and should not be considered an outright replacement of fossil fuels.
"As we move forward, it must be recognised that the choices we make will determine not just India’s future, but the stability of the global energy system," he added.
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