Petroleum and Natural Gas Minister Hardeep Singh Puri reaffirmed India’s strong focus on the energy transition, outlining major developments in oil, gas, renewables, and clean fuel initiatives. He was speaking at the Confederation of Indian Industry (CII) Annual Business Summit 2025, reports CNBC TV 18.
Puri emphasized the emergence of energy startups, new discoveries, and advanced technologies as positive signs of growth in the country’s energy landscape. He also spotlighted India’s ambitious green hydrogen mission, which aims to bring down costs to $1 per kilogram within the next ten years. He called on automobile manufacturers and industry leaders to work together to speed up clean energy innovation.
India’s achievements in biofuels were another key focus. The country has already surpassed its 2026 ethanol blending target ahead of schedule, increasing blending levels from 1.4% to 20%, Puri said.
Highlighting the performance of India’s oil marketing companies, he described them as “highly successful public sector giants,” noting profits of ₹1.29 lakh crore last year. He added that if ₹40,000 crore in pending dues were recovered, this year’s earnings could reach similar levels.
Reflecting on past challenges, Puri mentioned that between 2006 and 2016, poorly structured agreements had led to disputes. India has since moved to a revenue-sharing model from a production-sharing system, which has helped reduce legal issues and improve efficiency in the sector.
In a bold proposal, Puri suggested renaming the Ministry of Petroleum and Natural Gas to the Ministry of Clean Energy or Ministry of Energy Transition. This, he said, would better reflect the government’s focus on biofuels, green hydrogen, and sustainability.
Despite notable progress, he acknowledged that natural gas currently makes up just 6% of India’s energy mix—far from the country’s 15% target. “We are stepping up our efforts, but change needs to happen faster,” he said, adding that India now accounts for 25% of global energy demand growth.
Oil consumption in the country continues to rise. Since Puri took office, daily oil imports have grown from 5 million barrels to 5.6 million barrels. The oil sector contributes nearly 20% of the nation’s total revenue, highlighting its vital role in the economy.
On exploration and production, Puri pointed to the Open Acreage Licensing Policy as a key effort to tap into unexploited energy resources and build stronger global partnerships.
