He informed that currently India consumes around five million barrels of petroleum every day.
Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on Friday announced that the Indian petroleum industry is on the upswing and will be producing 25 per cent of its crude oil demand by 2030. He was speaking at the three-day South Asian Geoscience Conference, ‘GeoIndia 2022’, which began at JECC, Sitapura in Rajasthan`s Jaipur 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. Puri asserted the India’s energy consumption is growing at 3% compared to the global consumption that is increasing at 1%.
“The Government of India has navigated the global energy challenges very well, insulating the developing economy from the rising global crude and gas prices. At present, five million barrels of petroleum is being consumed in our country every day and it is also increasing by 3%, which is higher than the global average of around 1%,” the minister said during the inaugural session while terming ‘energy’ to be a critical driver for India’s economic growth.
He also noted that the ethanol-blend percentage in petrol has soared 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,” He said.
He further stated that the country has reduced the prohibited/no-go areas in EEZ by 99% of EEZ spanning 2.36 Mn Sq Km, which is available for exploration. The minister also highlighted the recent mega offshore bidding round where the central government has offered 26 blocks covering an area of approximately 2.23 lakh square kilometers for exploration and development. The bidding is expected to augment India’s domestic production of hydrocarbons.
At the start of the programme, Rajesh Kumar Srivastava, CMD, Oil and Natural Gas Corporation Limited (ONGC) and Chief Patron of APG welcomed the dignitaries and informed them 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.