India, the world's third-largest oil consumer, is heavily reliant on imports to meet its energy demands, importing over 85% of its oil needs and about half of its natural gas requirements. To address this import dependence and bolster energy security, India is actively pursuing collaborations with global energy leaders across various fronts, including oil, gas, and green energy.
Recently, India's Oil Minister Hardeep Singh Puri engaged with global energy leaders at the 9th OPEC International Seminar in Vienna to strengthen energy partnerships and address India's energy needs. During the seminar, Puri met with Kuwaiti Oil Minister Tareq Sulaiman Al-Roumi to explore ways to enhance the existing energy association between the two countries. Kuwait is a significant energy partner for India, ranking as the 6th largest source of crude oil, the 4th largest source of LPG, and the 8th largest hydrocarbon trade partner.
Puri also met with Nigerian Minister of State for Petroleum Resources Heineken Lokpobiri to discuss expanding hydrocarbon trade between the two nations and reinforcing their longstanding partnership. Indian companies have consistently purchased Nigerian crude, making Nigeria a crucial energy partner for India.
Furthermore, Puri held discussions with Shell CEO Wael Sawan to explore potential collaborations, particularly in oil and gas exploration, as the Indian government plans to offer a record acreage in the latest bidding round. Puri emphasized that India's efforts to increase the share of natural gas in its energy mix from 6% to 15% present significant opportunities for advanced technological partnerships. He noted that Shell's cutting-edge technologies could benefit India's drive towards greater exploration and production activity, paving the way for mutually beneficial collaborations.
India is also actively pursuing collaborations to promote clean energy and achieve its climate goals. India and Brazil signed six Memorandums of Understanding (MoUs) spanning renewable energy, counter-terrorism, agricultural research, and digital cooperation. The agreements include a dedicated pact to accelerate clean energy collaboration, which has significant implications for both countries' emissions-intensive aluminum industries. The partnership will focus on joint research, technology transfer, and investment in clean biofuels, solar, wind, and new storage technologies.
Moreover, India is collaborating with Norway on carbon capture and storage (CCS) technologies for deepwater oil and gas exploration. Following a visit to Norway's Northern Lights CO2 Terminal in Bergen, Puri revealed India's plans to develop a full-fledged ecosystem for deepwater Exploration and Production (E&P) technologies. India is also looking to adopt Norway's flexible CCS infrastructure to support its decarbonization goals.
In another development, India's state-owned Oil & Natural Gas Corporation (ONGC) and Greenko, a renewable energy developer, have formed a strategic cooperation to develop a 1.3 GW green hydrogen project powered by 24/7 renewable energy. The project, requiring 6-7 GW of new wind and solar installations, aims to produce one million tonnes of green ammonia per year.
India and Denmark have also renewed their partnership for the energy sector, focusing on knowledge exchange and technological collaboration in clean and sustainable energy solutions. The renewed agreement broadens the partnership to cover advanced areas such as power system modelling, integration of variable renewable energy, cross-border electricity trading, and development of EV charging infrastructure.
These collaborations demonstrate India's commitment to diversifying its energy sources, promoting clean energy, and enhancing energy security through strategic partnerships with global energy leaders. India aims to achieve energy independence by 2047 and net-zero emissions by 2070.
