Petroleum and Natural Gas Minister Hardeep Singh Puri recently addressed concerns over energy security in the current global environment, stating that global energy supplies remain stable despite ongoing geopolitical tensions. He noted that crude oil prices have remained in the $65 to $70 per barrel range, despite various military conflicts, and emphasized that there is enough energy available in the world. Puri highlighted India’s growing engagement in global energy dialogues, including its recent participation in the OPEC seminar for the first time, as one of the largest consumers of crude globally.
The minister also shared insights from his recent tour of Austria, Iceland, and Norway, where discussions focused on strengthening energy partnerships. He noted significant potential for collaboration with Iceland in geothermal energy and expressed interest in integrating geothermal into India’s energy mix through the India Energy Week platform. India Energy Week, launched three years ago, has become the world’s second-largest energy platform after ADIPEC, covering all forms of energy, including biofuels and green hydrogen. Puri confirmed plans to expand the platform’s focus to include geothermal energy, underscoring India’s commitment to diversified clean energy sources.
On the domestic front, Puri reported robust progress in oil and gas exploration, with ONGC drilling more than 500 wells, its highest activity level in 37 years. He acknowledged the high costs of exploration, citing the case of Guyana where 47 wells were drilled at an average cost of $100 million each before a discovery. Puri reiterated the importance of regulatory oversight in ensuring transparency and accountability in India’s exploration and production activities. He noted that under Indian law, companies must report any discoveries to the Directorate General of Hydrocarbons, and so far, 18 wells have met this requirement.
Overall, Puri’s statements suggest that India is taking a proactive approach to energy security, engaging with global partners, and exploring new sources of energy, including geothermal. The minister’s emphasis on regulatory oversight and transparency also highlights the importance of responsible and sustainable energy development. As India continues to grow and develop, its energy needs will only increase, making it essential to ensure a stable and secure energy supply. With its growing engagement in global energy dialogues and its commitment to diversified clean energy sources, India is well-positioned to meet its energy challenges and secure a sustainable energy future.