New Delhi: Referring to the latest Commodity Markets Outlook by World Bank, Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Friday that the cost of energy should not be allowed to outstrip the paying capacity of consuming nations. "And this imperative needs to be configured by the consuming countries, in planning their production profiles for future," he added. Addressing the press on the side-lines of India Energy Forum CERAWeek, organised by IHS Markit, Puri reiterated that unless the prices of crude oil are maintained at sustainable levels, it will severely impact the green shoots of global economic recovery.
In its report, the World Bank had stated that "the surge in energy prices poses significant near-term risks to global inflation and, if sustained, could also weigh on growth in energy-importing countries." Puri said that this is something that India has been consistently saying.
While stressing on the government's intent to increase domestic oil and gas production to reduce import dependency, Puri said that India intends to bring all sedimentary oil and gas basins under exploration. At present, only six out of 26 sedimentary basins have been explored. "We are looking for international partners to participate in the exploration journey of India," said the minister. The minister invited global industry and experts to become partners in India's shared prosperity by enhancing India's production of all forms of energy.
Puri said that the Indian oil and gas industry has made significant strides in recent years. "We have introduced a number of reforms to meet national energy needs based on the Energy Vision as laid out by Hon'ble Prime Minister Shri Narendra Modi, covering energy access, energy efficiency, energy sustainability, energy security and energy justice. India is advocating for Energy Justice on every global platform. As we have been saying – to cater to increasing demand in the country, we have to explore all supply options that are sustainable, secure and affordable," said Puri.
The minister said that we are working to promoting low carbon pathways through biofuels and increase ethanol blending to 20 percent by 2025, waste-to-energy programmes, and ambitious targets towards Compressed Bio Gas (CBG), hydrogen. All this will be done concomitantly whilst continuing on the path of increasing the share of gas from the current 6 percent to 15 percent by 2030 in the primary energy mix. "In this age of unprecedented global energy transition, India is here to lead in this pursuit. The profound changes initiated by India, during the last seven years, to meet its energy needs with sustainable means, amply testifies this aspect," he added.
Talking about the India Energy Forum CERAWEEK, Puri said that this year's conference took place in the backdrop of most turbulent and consequential time for energy markets and the global economy. Amidst the turmoil of the global energy markets, this forum has enabled deep and necessary dialogue just a few days before COP-26, said the minister.
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