India’s gas demand will surge 500%, share of oil demand to double: PM
3 min read . Updated: 06 Feb 2023, 09:46 PM IST
Premium- Emphasizing the need and demand for energy in India in the near future, the prime minister noted that the rapid pace of development in India will result in new cities being developed
NEW DELHI : Prime Minister Narendra Modi on Monday said that India’s gas demand is set to rise 500% going ahead and its share in global oil demand also will increase from the current 5% to 11%.
Addressing the inaugural ceremony of the India Energy Week 2023, Modi said that India is looking to diversify its supply chain and also increase its domestic hydrocarbon exploration and production
Emphasizing the need and demand for energy in India in the near future, the prime minister noted that the rapid pace of development in India will result in new cities being developed. Citing International Energy Association, the Prime Minister remarked that India’s energy demands will be highest in the present decade which presents an opportunity for the investors and stakeholders of the energy sector.
Highlighting India’s emphasis on domestic exploration and production, he informed that the E&P sector has shown interest in the areas hitherto considered inaccessible. “We have reduced the ‘No-Go’ areas. Due to this, 10 lakh square kilometre area has been freed from the restrictions of No-Go. I would urge all the investors to make use of these opportunities, and increase your presence in the exploration of fossil fuels", he said.
He underlined that new opportunities for investment and collaboration are being created by the expanding energy sector of India. The call for investment in the Indian energy sector gains significance as imports constitute about 85% of India’s energy demand.
Speaking on the recently approved national green hydrogen mission, he said that the mission would give a new direction to the India of the 21st century and bring about an investment opportunity worth over ₹8 trillion. He also added that India will increase the share of green hydrogen to 25% by replacing grey hydrogen.
Inviting global investors to the energy space in India, Modi said that India is the most suitable destination for investments into the renewable energy space. He asked all the stakeholders to explore every possibility related to India’s energy sector and get involved with it.
“Today India is the most suitable place in the world for your investment", he said.
Modi gave a detailed exposition of emphasis on renewable energy, energy efficiency, sustainable transportation and green technologies in the new budget and noted that ₹35,000 crore has been kept for priority capital investment to push energy transition and net-zero objectives.
He also said that ₹10 trillion worth of capital expenditure will give a push to green hydrogen, solar to road infrastructure.
In the last nine years, he said that the renewable energy capacity increased from 70 gigawatts to about 170 gigawatts in that solar power increased by 20 times. Modi mentioned that India is at number four in wind power capacity.
“We are aiming to have 50% non-fossil fuel capacity by the end of this decade. “We are also working very fast on biofuel, and ethanol blending. In the last 9 years, we have increased ethanol blending in petrol from 1.5 percent to 10 percent. Now we are moving towards the target of 20 percent ethanol blending", the prime minister added.
He also launched that 20% ethanol blended petrol which would be rolled out cover 15 cities and within two years it will be expanded to the entire country.
Talking of the energy transition in India, Modi said: “This is happening in two ways: Firstly, fast adoption of renewable sources of energy and secondly, adoption of effective methods of energy conservation".
“More than 3 crore households will have access to solar cooktops within the next 2-3 years. With more than 25 crore families in India, this will bring a revolution in the kitchen."
The prime minister during the day also launched uniforms under the ‘Unbottled’ initiative of Indian Oil, wherein the uniforms are made of recycled PET bottles. He also dedicated the twin-cooktop model of the IndianOil’s Indoor Solar Cooking System and flagged off its commercial roll-out.
