Hardeep Singh Puri, the Minister of Petroleum & Natural Gas, emphasized the Government of India’s landmark reforms across the upstream, midstream, and downstream sectors of the hydrocarbon industry during his address at an event today. These reforms, which include diversifying crude oil supplies, revising gas pricing structures, and opening up NO-GO areas, are aimed at securing a sustainable, affordable, and reliable energy future for India. The Minister also highlighted amendments to the Oilfields Regulation and Development (ORD) Act, efforts to expand refinery capacities, and the increased blending of ethanol in petrol.
The Minister was speaking at the FIPI Oil & Gas Awards 2023 ceremony, which celebrated excellence and innovation in over 20 award categories, including “Digitally Advanced Company of the Year,” “Sustainably Growing Corporate of the Year,” “Innovator of the Year,” and “Best Startup in the Energy Sector.” The awards also recognized outstanding individuals, such as the “Young Achiever of the Year” in both male and female categories. Suresh Gopi, Minister of State for Petroleum and Natural Gas & Tourism, Pankaj Jain, Secretary of MoPNG, and CMDs of various Oil/Gas PSUs were also present.
The Minister also discussed the government’s success in increasing ethanol blending in petrol, from 1.53% in 2014 to 16% in 2024, with a target of reaching 20% by next year. This positions India as the second-largest economy in biofuel blending, after Brazil. He also noted the expansion of City Gas Distribution (CGD) coverage, with 100% CGD area coverage expected by 2024, up from just 5.5% in 2014.
Puri reflected on India’s impressive progress in the energy sector, citing achievements like reducing fuel prices over the past three years—making India the only country globally to achieve this. He also pointed out that LPG cylinder prices in India are among the lowest in the world, with costs as low as Rs. 6/day for PMUY households and Rs. 14/day for non-PMUY households. India’s refinery capacity has expanded from 215 MMTPA in 2014 to 256.8 MMTPA in 2024, with a target of 310 MMTPA by 2028. Additionally, India is set to increase its exploration acreage to 1 million square kilometers by 2030, with a 16% rise expected by 2025.
Puri highlighted the rapid evolution of India’s energy landscape, driven by government initiatives and growing investor confidence, which has spurred a boom in deep-tech startups. Over the past five years, Indian entrepreneurs have filed more than 1,400 patents in deep-tech, and India’s start-up ecosystem is now the third-largest globally, with more than 100,000 start-ups and nearly 120 unicorns.
The Minister also took the opportunity to congratulate all participants for the success of the second edition of India Energy Week (IEW) 2024 and announced that the next edition of IEW will be held at Yashobhoomi, Dwarka, New Delhi, from February 11-14, 2025. Puri noted that IEW has rapidly gained recognition as a key global energy platform, attracting substantial business and establishing itself as a central meeting point for energy professionals worldwide.
In just two years, India Energy Week has become a fixture on the global energy calendar, driven by India’s economic growth, expanding consumer base, and favorable investment climate. The Minister highlighted that India’s energy sector is increasingly recognized for its innovation and potential.
Looking ahead to IEW 2025, Puri shared that the event will feature over 700 exhibitors, 105 conferences, and attract more than 70,000 delegates. In comparison, the 2024 edition had over 600 exhibitors and 45 strategic and 46 technical conferences. IEW 2025 will also include more than 10 country pavilions, further underscoring the global significance of India’s energy ecosystem. He encouraged all participants to view IEW 2025 not just as a conference, but as a movement toward creating a greener, smarter, and more resilient energy future.
Finally, the Minister congratulated the awardees and nominees for their outstanding contributions, which continue to propel India’s progress toward energy self-reliance.
To read more about Ethanol Industry News continue reading Bioenergytimes.com
