Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on Friday announced that the Indian petroleum indutsry is flourishing and will be able to produce 25 per cent of its crude oil demand by 2030.
The Minister stated that India currently consumes five million barrels of petroleum per day, and that consumption is also rising by 3%, which is higher than the global average of 1%. The Minister was speaking at the three-day South Asian Geoscience Conference Geo India 2022, which started on Friday in Jaipur, Rajasthan. The amount of ethanol blend in gasoline has climbed from 0.67 percent in 2013 to 10 percent in May 2022, five months ahead of plan, the Minister stated during the opening session.
“It is helping the environment by lowering 2.7 million tonnes of CO2 emissions.
The International Energy Agency (IEA) predicts that India will account for 25% of the increase in world energy demand over the next twenty years. By 2050, BP predicts that India’s energy demand will quadruple, while the country’s need for natural gas is anticipated to increase fivefold.
At the ceremony, Pankaj Jain, the secretary for petroleum, advised the geology specialists to take advantage of the chance to elevate their contribution in light of the growing demand and limited supply of energy sources.
He urged the geoscientific community to provide specialised expertise for deep, ultra-deep, and onshore waters in order to increase oil and gas production in a way that is environmentally sustainable.
Rajesh Kumar Srivastava, CMD of Oil and Natural Gas Corporation Limited (ONGC) and Chief Patron of APG, welcomed the dignitaries and attendees earlier and stated, “Geo India has been a key leader in the last 14 years under the auspices of Association of Petroleum Geologists (APG) India. The extent and level of foreign involvement in the biennial South Asian Geology Conference and Exhibition have changed. By 2030, it is expected that the value of automation technologies used in the oil and gas industry will have nearly doubled, reaching USD 42 billion.
It is high time that the oil and gas sector take advantage of the digital transformation.”