India to play major role in energy global demand growth, says petroleum minister Hardeep Singh Puri

Union Minister of Petroleum & Natural Gas, Hardeep Singh Puri believes India is going to become even more important in the world's demand for energy.

Puri spoke to CNBC-TV18, from the sidelines of the second edition of the India Energy Week that kickstarted in Goa on February 6. The four-day conference focuses on key themes of energy transition and a roadmap for sustainable growth.

He said, “India is going to increase the domestic exploration and production. These are capital-intensive processes. If you invest in exploration and production. India will be the centre of increase in global demand and the estimates are that in the next two decades, 25% of the increase will come from India.”

Puri's statement highlights India's role in shaping the future of global energy consumption. It indicates that India is not just a country that uses a lot of energy; it's also a country that will help drive the world's need for more energy.

Puri underlined India's diversified energy portfolio and expanding crude oil refining capacities from 254 to 450 million metric tonnes per annum, illustrating the nation's commitment to energy transition even amidst global turbulence.

He articulated three key aspects for India's energy strategy: availability, affordability, and sustainability.

He reassured that India has successfully ensured energy availability across the country without shortages in recent years. Despite global price surges, India has maintained affordable energy prices domestically.

Puri lauded India’s success in biofuel adoption, particularly in compressed biogas, sustainable aviation fuel, and green hydrogen initiatives, highlighting the collaborative efforts across policy, implementation, and public-private sectors.