New Delhi: Oil Minister Hardeep Singh Puri met global energy leaders on the sidelines of the 9th OPEC International Seminar in Vienna to discuss bilateral issues and deepen India’s energy partnerships and supporting the country’s energy needs, an official statement said on Thursday.
India, the world’s third biggest oil consumer, is over 85 per cent dependent on imports to meet its needs. It also imports about half of its natural gas needs as domestic output is insufficient to meet growing energy demand.
Puri met Kuwati Oil Minister and chairman of Kuwait Petroleum Corporation (KPC) Tareq Sulaiman Al-Roumi to discuss ways to further strengthen the existing association.
Kuwait currently ranks as the 6th largest source of crude oil, 4th largest source of LPG, and stands as India’s 8th largest hydrocarbon trade partner, highlighting the depth and strategic importance of this bilateral energy relationship.
In a separate meeting, Puri met Nigerian Miniter of State for Petroleum Resources Heineken Lokpobiri.
“Indian companies have been consistent buyers of Nigerian crude, and the discussions focused on exploring avenues to further expand hydrocarbons trade between the two nations and reinforce the longstanding partnership,” the statement said.
The minister also held a brief meeting with Shell CEO Wael Sawan to discuss potential collaborations particularly in oil and gas exploration as the government is offering a record acreage in the latest bid round.
“Puri underlined that India’s efforts to increase the share of natural gas in its energy mix from 6 per cent to 15 per cent present significant opportunities for advanced technological partnerships. He noted that the drive towards greater exploration and production (E&P) activity stands to benefit from Shell’s cutting-edge technologies, paving the way for mutually beneficial collaborations that support India’s energy security objectives,” the statement said.
The minister also met OPEC Secretary General Haitham Al Ghais. “They discussed India’s strong partnership with OPEC and ways to ensure that oil markets remain balanced and predictable to support smooth global transition into green and alternative energies, particularly in light of recent geopolitical challenges. As the world’s 3rd largest importer of oil, India and OPEC, the grouping of major oil producers, share a unique and symbiotic relationship.”
In his meeting with BP CEO Murray Auchincloss, Puri took forward the ongoing dialogue on strengthening the global giant’s partnership in India’s upstream and downstream energy sector.
BP has a longstanding and comprehensive engagement in India across the energy value chain and has participated in the previous bid round.
Puri also met Vitol Group CEO Russel Hardy to discuss current challenges in the global energy markets and collaborations across the hydrocarbons value chain. “Puri noted that the vast collaboration opportunities arising from India’s unprecedented thrust towards expanding and enhancing energy infrastructure - including exploration and production, refining, and gas-based energy transition,” the statement said.