‘India’s approach to energy propels economic growth, sustainability steps’

Minister of Petroleum and Natural Gas Hardeep Singh Puri on Wednesday said that India’s multifaceted approach to energy security, sustainable practices, and ambitious exploration initiatives positions the nation at the forefront of global energy transformation, fostering economic growth while prioritising environmental stewardship.

He also said that India, a stalwart in economic development, has achieved a remarkable 7.7 per cent GDP growth in the first half of the current fiscal year and this growth is intricately linked to the nation’s burgeoning energy needs, underscoring its position as the world’s 3rd largest energy consumer and a formidable player in various energy sectors. In Expanding Exploration and Production (E&P) footprint, the senior minister of the Modi cabinet said that India’s commitment to energy security is evident through strategic initiatives in the E&P sector. Notable achievements include OALP-VIII, where 10 blocks were awarded to four companies, attracting investments totaling USD 233 million. The SCBM round of 2022 added 16 CBM blocks, further boosting exploration efforts.

Steps are being taken to augment the E&P sector, with plans to increase exploration acreage to 1.0 million sq. km. by 2030. The reduction of “No Go” areas in the Exclusive Economic Zone (EEZ) and the launch of OALP-IX Bid Round are crucial for energy security.

Whereas, in revolutionising ethanol blending and sustainable aviation fuel, India’s Ethanol Blending Programme has achieved significant milestones, Puri informed the media persons. Oil marketing companies (OMCs) have provided incentives for ethanol production, resulting in substantial foreign exchange savings, CO2 emission reductions, and a noteworthy decrease in crude oil dependency.

The SAF initiative marks a groundbreaking achievement, with the first commercial flight using indigenously produced SAF blend aviation turbine fuel flown in May 2023. The government’s approval of indicative blending targets and the Global Biofuels Alliance’s successful launch further solidify India’s global leadership in the biofuels supply chain.

The expansion of City Gas Distribution (CGD) networks, with impressive growth in PNG connections and CNG stations, showcases India’s commitment to providing accessible and affordable natural gas across the nation, he said.

Lastly, in policy reforms and ‘Net Zero’ targets, the petroleum and natural minister said that India’s commitment to sustainable and secure energy is evident in major policy reforms. Gas pricing reforms, approved in April 2023, ensure a sustainable, affordable, and secure energy future. Oil and Gas Public Sector Undertakings (PSUs) have set ambitious Net Zero targets, aligning with global environmental goals.