Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday said that global energy supplies remain stable despite persistent geopolitical tensions, which have historically influenced crude oil prices.
Speaking at a seminar on school education hosted by the Council for Social Development, Puri addressed concerns over energy security in the current global environment, stating, “There are many things that impact crude prices. People often say military conflicts affect prices, but despite several conflicts, crude remains in the $65 to $70 per barrel range.”
“My view is that there is enough energy available in the world,” he added.
The minister highlighted India’s growing engagement in global energy dialogues, referencing the country’s recent participation in the OPEC seminar for the first time. “It’s essentially a meeting of oil-producing countries. As one of the largest consumers of crude globally, it’s logical for India to be at the table,” Puri said.
Puri also shared insights from his recent tour of Austria, Iceland, and Norway, where discussions focused on strengthening energy partnerships. He noted significant potential for collaboration with Iceland in geothermal energy. “Iceland is very strong in geothermal. Engaging with the private sector there helps identify future areas for cooperation,” he said.
The minister expressed interest in integrating geothermal into India’s energy mix through the India Energy Week platform. “India Energy Week, launched three years ago, has now become the world’s second-largest energy platform after ADIPEC. Unlike ADIPEC, which is focused on oil and gas, we cover all forms of energy, including biofuels and green hydrogen,” he noted.
Puri confirmed plans to expand India Energy Week’s focus to include geothermal energy, underscoring India’s commitment to diversified clean energy sources.
On the domestic front, the minister reported robust progress in oil and gas exploration, with ONGC drilling more than 500 wells—its highest activity level in 37 years. He acknowledged the high costs of exploration, citing the case of Guyana where 47 wells were drilled at an average cost of $100 million each before a discovery.
“We are digging more wells,” Puri said. “Under Indian law, companies must report any discoveries to the Directorate General of Hydrocarbons. So far, 18 wells have met this requirement.”
Puri reiterated the importance of regulatory oversight in ensuring transparency and accountability in India’s exploration and production activities.
