India is currently generating record levels of energy, driven by diversification of energy sources and a growing emphasis on renewable energy. This was announced by Union Petroleum and Natural Gas Minister Hardeep Singh Puri at an industry event. The country is striving for energy self-reliance by expanding domestic production and diversifying its international energy sources.

Minister Puri highlighted that India's energy basket now includes biofuels, green hydrogen, and other sources. Previously, India imported energy from 27 countries, but now imports from 40.

India's energy needs are surging at a pace six times faster than the global average, due to the country's economy expanding at approximately 6.5 per cent. International forecasts estimate that India will contribute about 25 per cent of global energy demand growth in the next two decades. The government is actively scaling up production capacity to avoid over-reliance on foreign energy.

India has made significant strides in green hydrogen, with the government allocating an annual production capacity of 862,000 tonnes to 19 companies. Additionally, 15 firms have been awarded 3,000 MW of annual electrolyser manufacturing capacity.

The country has become one of the world's fastest-growing renewable energy markets, with over 223 GW of installed capacity, including 108 GW from solar and 51 GW from wind. India is targeting 500 GW of non-fossil capacity by 2030. The natural gas contribution in the country's energy mix is set to rise from 6 per cent to 15 per cent by 2030, aligning with the country's broader clean energy ambitions.

India is also potentially close to discovering a Guyana-scale oil field in the Andaman Sea, which could hold as much as 184,440 crore litres of crude oil. India has the potential of 'several Guyanas' in the Andaman region. The government has also decided to explore a large part of the sedimentary basin, making available 1 million square kilometers of the sedimentary basin, which was previously a no-go area, for exploration and production. India has the potential of around 42 billion tonnes of oil and gas in its sedimentary basins.

In FY24, ONGC drilled 541 wells—103 exploratory and 438 development—investing ₹37,000 crore in capital expenditure, the highest in its history.