India’s strategic initiative-based commitment to energy security in the field of Exploration and Production (E&P) and the latest OALP-VIII, which attracted investments totaling USD 233 million by awarding 10 blocks to four businesses- Hardeep Singh Puri  

 India’s complete approach to energy security and sustainability was underlined by Minister of Petroleum and Natural Gas Hardeep Singh Puri on Wednesday, highlighting the nation’s crucial position in the global energy scene. Regarding the country’s economic expansion, Puri emphasised that India’s GDP grew by an astounding 7.7 per cent during the first half of the current fiscal year. This expansion is closely related to India’s ranking as the third-biggest energy consumer globally, underscoring the country’s important involvement in a number of energy-related fields.

Puri highlighted India’s strategic initiative-based commitment to energy security in the field of Exploration and Production (E&P). Notable accomplishments include the latest OALP-VIII, which attracted investments totaling USD 233 million by awarding 10 blocks to four businesses. To significantly enhance exploration operations, 16 Coal Bed Methane (CBM) blocks were added in the SCBM round of 2022. As indicated by the opening of the OALP-IX Bid Round, plans are in place to expand exploration acreage to 1.0 million sq. km. by 2030, with an emphasis on lowering “No Go” zones in the Exclusive Economic Zone (EEZ).

Puri also emphasised how far India has come in terms of sustainable aviation fuel and ethanol blending, with the Ethanol Blending Programme reaching notable benchmarks. By providing incentives for ethanol production, oil marketing corporations have reduced their reliance on crude oil and saved a significant amount of foreign exchange. They have also reduced their carbon emissions.

The Sustainable Aviation Fuel (SAF) initiative reached a  milestone with the first commercial flight using indigenously produced SAF blend aviation turbine fuel in May 2023. Puri emphasised the government’s approval of indicative blending targets and the successful launch of the Global Biofuels Alliance, solidifying India’s global leadership in the biofuels supply chain.

The expansion of City Gas Distribution (CGD) networks, marked by impressive growth in Piped Natural Gas (PNG) connections and Compressed Natural Gas (CNG) stations, reflects India’s commitment to providing accessible and affordable natural gas nationwide.

Finally, Puri emphasised the importance of “Net Zero” targets and major policy changes, highlighting India’s commitment to safe and sustainable energy. The April 2023 approval of adjustments to petrol pricing ensures a safe, cheap and sustainable energy future. Notably, in line with international environmental standards, Oil and Gas Public Sector Undertakings (PSUs) have set ambitious Net Zero ambitions.