Global energy transition must be just, inclusive and equitable, says Hardeep S Puri

Union Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri, delivered a powerful address at the 9th OPEC International Seminar, laying out India’s ambitious energy strategy and reaffirming the nation’s commitment to global energy security, sustainable growth, and equitable energy transition. The prestigious seminar, hosted at OPEC’s headquarters in Vienna, drew global leaders, energy policymakers, and industry experts for in-depth discussions on the future of oil markets.

Delivering a keynote speech titled “Oil Markets: Energy Security, Growth & Prosperity,” Shri Puri outlined how India, under the leadership of Prime Minister Shri Narendra Modi, is reshaping its energy landscape through policy reform, technology integration, and international collaboration.

India’s Hydrocarbon Expansion: Eyes on the Andaman Basin

Shri Puri highlighted a groundbreaking shift in India’s exploration and production (E&P) sector. Under Open Acreage Licensing Policy (OALP) Round-10, India has opened 250,000 square kilometers for hydrocarbon exploration — a move that could unlock substantial reserves. He hinted at an exciting prospect: a potential Guyana-scale oilfield discovery in the Andaman Sea, which, if confirmed, could significantly bolster India's domestic energy production.

He further emphasized the national target of expanding exploration acreage to 500,000 sq km by 2025 and 1 million sq km by 2030, supported by comprehensive reforms including:

• Transition from Production Sharing Contracts (PSC) to a more investor-friendly Revenue Sharing Model under HELP (Hydrocarbon Exploration and Licensing Policy).

• Amendments to the Oilfields (Regulation and Development) Act, 1948, improving lease conditions, dispute resolution, and safety standards.

• Drastic reduction of ‘No-Go’ zones by 99%, freeing over 1 million sq km for new exploration.

• Large-scale data acquisition initiatives like the National Seismic Program, Mission Anveshan, and Extended Continental Shelf Survey.

India as a Stabilizing Force in Global Oil Markets

As the world’s third-largest energy consumer, India currently consumes 5.4 million barrels per day, and Shri Puri projected India would account for 25% of global energy demand growth in the next two decades. He called India a “structural growth engine” and a “long-term stabilizer” in the global oil landscape.

To mitigate volatility, India is focusing on:

• Diversifying crude imports from 27 to 40 countries,

• Enhancing domestic production and refining capacity,

• Expanding petrochemical output towards a $300 billion industry by 2030,

• And transitioning to a gas-based economy by 2040.

India’s refining capacity is set to reach 310 million metric tonnes per annum (MMTPA) by 2028, positioning it as a global refining hub.

Balancing Affordability and Sustainability

Shri Puri underscored that India has managed to reduce fuel prices even as global oil prices soared, making it the only major economy to do so. He attributed this to efficient policy execution and market management, and reiterated India’s goals of achieving energy independence by 2047 and Net Zero emissions by 2070.

He also emphasized the just and inclusive nature of India’s energy transition: “For the 1.4 billion people of India, and the billions in the Global South, our energy future must be inclusive and development-driven.”

Global Leadership in Biofuels and Clean Energy

Shri Puri spotlighted India’s leadership in biofuels innovation, particularly through the Global Biofuels Alliance (GBA), now comprising 29 countries and 14 international organizations. Domestically, India is making rapid progress in deploying:

• Ethanol blending in petrol (target: E20 by 2025),

• Compressed Biogas (CBG) networks,

• Biodiesel initiatives, and

• Development of Sustainable Aviation Fuel (SAF).

He noted that these green fuels are central to India’s decarbonization roadmap and can serve as scalable solutions for developing economies.

Empowering Millions Through Clean Cooking: The Ujjwala Moment

Reaffirming India’s commitment to inclusive energy access, Shri Puri presented the Pradhan Mantri Ujjwala Yojana (PMUY) as a global benchmark in clean energy delivery. Since its inception, over 103 million LPG connections have been issued to women in low-income households, raising LPG penetration from 55% in 2014 to near-universal coverage today.

Despite global LPG price hikes, PMUY beneficiaries pay just $6–$7 for a 14.2 kg cylinder — almost 40% less than global rates, owing to:

• Direct government subsidies,

• And oil marketing companies absorbing losses worth $4.7 billion in 2024 alone.

India Maritime and Global Connectivity

In the context of energy logistics, Shri Puri also alluded to India’s involvement in developing resilient energy corridors such as the India–Middle East–Europe Economic Corridor (IMEEC) and the expansion of energy port infrastructure through clean fuel terminals and green shipping alliances.

Closing Remarks

India’s proactive participation at the 9th OPEC International Seminar reaffirmed its growing stature as a responsible energy power, balancing the imperatives of economic growth, energy access, and environmental stewardship. With forward-looking reforms, strategic investments, and a people-first approach, India is poised to drive a global energy renaissance in partnership with the world.