BackIndia will produce 25 per cent of its oil demand by 2030: Hardeep Puri
Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on Friday announced that the Indian petroleum industry is at the cusp of opportunity and will be able to produce 25 per cent of its crude oil demand by 2030
PremiumIndian petroleum industry is undergoing a major transition in terms of opportunity and will be able to produce 25 per cent of its crude oil demand by 2030, said Union Union Minister of Petroleum and Natural Gas Hardeep Singh Puri at the three-day South Asian Geoscience Conference Geo India 2022 on Friday.
While addressing the people on the first day of the conference, he informed that currently India consumes around five million barrels of petroleum every day. Moreover, the consumption quantity is increasing by three per cent,, which is higher than the global average of around one per cent.
He also informed that the ethanol-blend percentage in petrol has rised from 0.67 per cent in 2013 to 10 per cent in May 2022, that too five months ahead of the set target.
"It is reducing 2.7 million tonnes of CO2 emissions which is good for the environment. As per the International Energy Agency (IEA) estimates, India will contribute a quarter (25 per cent) of the growth in global energy consumption in the coming two decades. BP estimates that India's energy demand will double, while natural gas demand is expected to grow five-fold by 2050," said Hardeep Singh Puri.
On the occasion, Petroleum Secretary Pankaj Jain encouraged the geology experts to utilise the chance for increasing their contribution in boosting the demand and scarcity of energy sources.
He also asked the fraternity to work and find scope of improvement in deep water, ultra-deep water and onshore to enhance oil and gas production while doing it in environmental sustainable manner.
In the beginning of the programme, Rajesh Kumar Srivastava, CMD, Oil and Natural Gas Corporation Limited (ONGC) and Chief Patron of APG welcomed the dignitaries and informed about the major role played by Geo India in mineral exploration. He also stressed upon the continuously growing size and international participation in the biennial South Asian Geology Conference and Exhibition. The importance of technology in the oil and gas sector can be understood by the estimate that its global market value is projected to nearly double and reach to app. USD 42 billion by 2030. He regarded the current phase as the right time for the oil and gas sector to ride on the wave of digital transformation for its advancement.
(With inputs from agencies)
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
