India's Energy Outlook: Abundant Resources Amid Global Geopolitical Tensions
Minister Hardeep Singh Puri assures abundant global energy resources despite geopolitical tensions affecting crude oil prices. Emphasizing India's growing participation in global energy forums, Puri highlights progress in domestic exploration and potential geothermal partnerships, while noting India's significant energy platform expansion to include diverse energy sources.
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Petroleum and Natural Gas Minister Hardeep Singh Puri has underscored the availability of sufficient energy resources worldwide, even amid geopolitical tensions that historically influence crude oil prices.
Addressing a national seminar organised by the Council for Social Development, Puri tackled concerns surrounding energy security in the face of global uncertainties. He noted, 'There are various factors affecting crude prices. While military conflicts can drive prices, we've seen them stabilize between $65 and $70 per barrel.' Puri reassured that energy resources remain plentiful globally.
Puri highlighted India's growing influence in global energy forums, emphasizing the nation's debut participation in the OPEC seminar. 'Given our status as one of the largest crude oil consumers globally, it is fitting for us to engage,' he stated. The minister recently concluded a fruitful visit to Austria, Iceland, and Norway, aiming to fortify energy partnerships and explore new sector opportunities.
During his Iceland visit, Puri stressed the potential for geothermal energy collaboration, underscoring ongoing partnerships with the country. 'Iceland excels in geothermal energy, and engaging with their private sector helps pinpoint future cooperative efforts,' he said. Puri is keen on integrating geothermal energy into India's portfolio via the India Energy Week platform.
Puri praised India Energy Week's rapid expansion, marking it the second-largest global energy platform after Abu Dhabi's ADIPEC. Unlike ADIPEC's oil and gas focus, India Energy Week caters to various energy forms, including biofuels and green hydrogen. Puri announced plans to expand into geothermal energy, citing significant domestic exploratory progress, with ONGC drilling a record 500 wells.
'We are increasing well drilling activities,' Puri noted, explaining the regulatory standards requiring discoveries to be reported to the Directorate General of Hydrocarbons. He shared further about the costly yet promising exploration activities, drawing parallels with Guyana's $100 million per well endeavors before their successful find.
(With inputs from agencies.)
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