New Delhi: 3 Jan-24. The Hon’ble Minister for Petroleum & Natural Gas and Urban Development Mr Hardeep Singh Puri, met members of the media, along with some PSU senior officials, notable amongst them were Mr Arun Kumar Singh, Chairman (ONGC) Dr Ranjit Rath, CMD (OIL) Ms Sushma Rawat, Director Exploration of (ONGC) on the morning of 3rd Jan 2024.
Mr. Puri, at the outset itself, said that India’s GDP Growth was 7.7% in the first six months of the current fiscal year. He then went on to explain, in his usual eloquent manner, about the progress made by the Oil & Gas Sector, in the preceding year.
He went on to state that under the able leadership of the Hon’ble Prime Minister, the Oil & Gas vertical is poised to make an even greater contribution to the national economy. He said while many other countries worldwide including those of South Asia have faced acute difficulties, India has not only fared well in Oil & Gas but has emerged as the third largest energy consumer country, 4th Largest Refiner and 4th Largest Automobile Market in the world amongst other notable feats. This growth correlation is very much evident in India.
Mr Puri went on to share, how in the near future, the E&P sphere will have greater opportunities and exploration of remaining sedimentary basins is being done in the most scientific manner. He was happy to share that 13 bids had been received for 10 blocks which will be awarded to 4 companies. In the special Coal Based Methane Round 2022, 16 CBM Blocks were offered and a total of 6 bids had been received and 3 Blocks were offered to 2 companies.
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He stated that steps were being taken to augment India’s E&P Sector. The ‘No Go’ areas in EEZ had been reduced by almost 99%. Several MNS like Chevron, Exxon Mobil, and Total Energies have shown interest in the Indian E&P Segment. Upgradation of the National Data Repository(NDR) had been given, Resolution of Small Operator Issues amongst others were carried out.
He gave information about the Ethanol Blending Programme and said that blending during ESY 2022-23 has saved Approx. 509 Crore Litres of Petrol saving more than Rs 24,300 Crore of Foreign Exchange. Regarding SAF(Sustainable Aviation Fuel), the first commercial Flight from Pune to Delhi using indigenous SAF Blend was successfully done on 19.05.2023. He said India has taken a Global leadership role in Bio Fuels supply chain with launch of Global Biofuels Alliance in Sept. 2023. In the Natural Gas Sector, the steps have been taken to increase share from present 6.3% to 15% in primary energy mix with an Prrox. investment of $ 67 Billion in Natural Gas. He went on to detailing the individual investments in various sectors. In a major policy reform Gas Pricing Reforms got Cabinet Approval on 7th April, 2023. Recent launch of 12th CGD Bidding Round would cover the balance portion of the coverage area and population, he stated. He also shared the dates for Net Zero Target given to various PSUs.
The detailed presentation was both informative and would appeal to every person who is even peripherally interested in the Oil & Gas Sector. Very rarely does one get to see a Cabinet Minster take the trouble of explaining to media and through them to the public so lucidly details about one of the most important sectors of the economy. The economic and strategic importance is now well known to all. Most nations seem to get adversely impacted if this vital sector in not properly handled. Deftness and caution both play their part. Decisions made in haste, in this sector, often make nations repent at leisure. Europe and Western Countries have learnt this the hard way. The two ongoing wars have made most nations and their economy susceptible. India on the other hand, despite its obvious adversities, has managed to overcome the challenges. Indian citizens should realize this and thank those in leadership role.
It was very heartening to hear the Hon’ble Minister lucidly explain the various nitty gritties of the Oil & Gas sector. One has to admire his patience. One could not but believe that this vital economic force is in very capable hands.
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He is a seasoned leader who is both bold in his approach and steady in the face of adversities. With his foreign affairs, and bureaucratic background he can stride along well with the technocrats as well as policy makers. His education, holding high office in the complicated world of diplomacy and practical, no-nonsense approach obviously serves him well. The Oil & Gas sphere needed such a person who could mine out every paisa worth of value out of hydrocarbons, renewables and alternate energy streams. Industry practitioners and watchers have a lot of faith and expectations from the Hon’ble Minister. India requires such able persons to make it reach the glorious heights which every Indian citizen looks forward to.
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