Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas, announced on Friday that the Indian petroleum industry is at the cusp of opportunity and will be able to produce 25 per cent of its crude oil demand by 2030.
At present, five million barrels of petroleum are being consumed in India every day and it is also increasing by three percent, which is higher than the global average of around one percent, the Minister said while speaking at the three-day South Asian Geoscience Conference, Geo India 2022, which began in Rajasthan’s Jaipur on Friday. The Minister stated during the inaugural session that the ethanol-blend percentage in gasoline has increased from 0.67 percent in 2013 to 10% in May 2022, five months ahead of schedule.
“It is reducing 2.7 million tonnes of CO2 emissions, which is good for the environment. According to the International Energy Agency (IEA), India will contribute a quarter (25%) of the growth in global energy consumption over the next two decades. BP estimates that India’s energy demand will double, while natural gas demand is expected to grow five-fold by 2050,” said the Minister.
At the event, Petroleum Secretary Pankaj Jain said the geology experts should use this opportunity to enhance their contribution in the context of increasing demand and scarcity of energy sources.
Earlier, welcoming the dignitaries and participants, Rajesh Kumar Srivastava, CMD, Oil and Natural Gas Corporation Limited (ONGC) and Chief Patron of APG, said, “Geo India has been a major leader in the last 14 years under the aegis of Association of Petroleum Geologists (APG) India. The biennial South Asian Geology Conference and Exhibition has evolved in terms of size and international participation.”
