NEW DELHI: India's Petroleum Minister Hardeep Puri has stated that 25 percent of the global energy demand growth in the next twenty years is going to emanate out of India.
He said India's energy policy takes into account commitments to the global commons, the green transition, and making sure that everyone has access to, and can afford, energy.
These comments were given by Puri on Tuesday at a roundtable in Houston, Texas, on "Opportunities in the India-US Strategic Partnership."
He said that India had made significant progress toward low-carbon growth, notably by utilising cutting-edge technologies like hydrogen and biofuels.
The minister emphasised that despite the difficult energy environment now in place, India's commitment to energy transitions and its targets for climate mitigation will not waver.
More than 60 people from 35 different firms attended the roundtable, including senior executives from major energy companies like Exxonmobil, Chevron, Chieniere, Lanzatech, Honeywell, BakerHughes, Emerson, and Tellurian, to mention a few.
Indian energy Public Sector Undertakings also attended the event.
India is making significant changes to rationalise and encourage exploration and production by eliminating no-go zones by 99 percent, opening up around one million sq km, and making high-quality geological data accessible through the National Depository Registry.
According to the IEA, India's oil consumption will increase from roughly 5 million barrels per day (bpd) in 2019 to 8.7 million bpd in 2040, while its refining capacity would increase from 5 million bpd to 6.4 million bpd by 2030 and 7.7 million bpd by 2040. By 2030, it will be the third-largest energy consumer in the world, after China and the US.
Behind China, this country is currently the second-largest net importer of oil, importing over 76% of its crude oil requirements. According to the IEA, this dependency on foreign oil is anticipated to increase to 90% by 2030 and 92% by 2040.
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