India's Petroleum Minister Hardeep Singh Puri recently engaged in discussions on critical issues related to India's energy sector and its global standing. Here's a breakdown of the key topics covered:

Energy Security and Global Oil Prices:

Puri has emphasized that global crude oil prices have remained relatively stable despite geopolitical tensions. He stated that the world has sufficient energy resources to meet demand, with prices staying between $65 and $70 per barrel despite ongoing conflicts. He also highlighted India's increasing role in global energy forums, including its first-time participation in an OPEC seminar. As one of the world's largest consumers of crude oil, India's presence in these forums is crucial.

Puri defended India's decision to purchase oil from Russia, stating that it helped stabilize global oil prices. He noted that if countries, including India, had stopped buying Russian oil, prices could have risen to $130 a barrel. He also pointed out that India buys oil from various sources, including the United States, and that its commitment is to the Indian consumer.

Diversifying Energy Sources:

Puri has been actively promoting the diversification of India's energy portfolio, with a focus on clean and green energy. He recently visited Austria, Iceland, and Norway to explore energy partnerships and opportunities in geothermal energy. He expressed particular interest in Iceland's expertise in geothermal energy and ongoing collaborations with Icelandic companies. He aims to integrate geothermal energy into India's energy mix through platforms like India Energy Week. India Energy Week has grown significantly to become the second-largest energy platform globally, encompassing all forms of energy, including biofuels and green hydrogen.

Domestic Energy Exploration and Production:

Puri reported significant progress in domestic energy exploration, with ONGC drilling over 500 wells, the highest number in 37 years. He also mentioned encouraging signs from drilling efforts in the Andaman Sea, indicating a potential significant oil discovery. He noted that India has a high potential in terms of known reserves, with approximately 42 billion tons of oil and gas equivalent. The government is working to reform the exploration and production system to enhance domestic output. He stated that focusing on energy security, domestic output, modernizing infrastructure, and 'Make in India' has opened up a huge amount of potential.

Urja Varta 2025:

Puri highlighted the importance of 'Urja Varta 2025' in accelerating India's exploration and production sector. The energy dialogue focuses on India's energy self-reliance, transition goals, and the emerging role of clean and green energy, including green hydrogen. The event brings together energy ministers from various states, government officials, and industry leaders to discuss policy support, energy transition pathways, and strategies for enhancing India's long-term energy security.

India's Global Economic Standing:

In discussions about India's economic growth, Puri noted that India is currently the fourth-largest economy in the world and is expected to overtake Japan soon. He projected that India would be the third-largest economy by 2027, with a growth rate exceeding 6.5%. He also emphasized that the benefits of development are now percolating down to the grassroots level.