Government of India has navigated the global energy challenges very well, insulating the developing economy from the rising global crude and gas prices. At present, five million barrels of petroleum is being consumed in our country every day and it is also increasing by three percent, which is higher than global average of around one per cent.
Union Petroleum and Urban Affairs Minister Hardeep S. Puri shared this with the media at the three-day South Asian Geoscience Conference Geo India 2022, which began at JECC, Sitapura on Friday. Veteran Geologist Shyam Vyas Rao, former Director (Exploration), ONGC was also presented with the Life Time Achievement Award by the Minister in the inaugural session.
In the inaugural session, the Minister said that the ethanol-blend percentage in petrol has increased from 0.67 per cent in 2013 to 10 per cent in May 2022, i.e., 5 months ahead of schedule. It is reducing 2.7 million tonnes of CO2 emissions which is good for the environment.
As per the International Energy Agency (IEA) estimates, India will contribute a quarter (25%) of the growth in global energy consumption in the coming two decades. BP estimates that India’s energy demand will double, while natural gas demand is expected to grow five-fold by 2050.
Petroleum Secretary Pankaj Jain said the geology experts should utilise this opportunity to elevate their contribution in the context of increasing demand and scarcity of energy sources. He asked geoscientific fraternity to develop tailored knowledge for deep water, ultra-deep water and onshore to enhance oil and gas production while doing it in environmental sustainable manner.
