According to projections by the International Energy Agency, India will account for 25% of the increase in world energy consumption over the next twenty years.
According to Union Petroleum and Urban Affairs Minister Hardeep Singh Puri, the Indian petroleum industry is on the verge of great potential and will be able to supply 25% of the country’s crude oil needs by 2030.
According to Puri, five million barrels of petroleum are currently consumed in our nation each day, and that number is also rising by 3%, which is more than the roughly 1% global average.
At the three-day South Asian Geoscience Conference, GeoIndia 2022, which got underway at JECC, Sitapura in Rajasthan’s Jaipur on Friday, the Union Minister discussed this with the media.
The Union Minister also gave the lifetime achievement award to veteran geologist Shyam Vyas Rao, a former Director (Exploration) of Oil and Natural Gas Corporation Limited (ONGC), during the opening session.
In the last nine years, the proportion of ethanol in gasoline climbed to 10%.
Puri stated during the opening session that the percentage of ethanol blend in gasoline climbed from 0.67 percent in 2013 to 10 percent in May 2022, or five months earlier than expected. Environmentally beneficial, it is cutting CO2 emissions by 2.7 million tonnes.
According to projections by the International Energy Agency, India will account for 25% of the increase in world energy consumption over the next twenty years.
Pankaj Jain, the petroleum secretary, advised the geology specialists to take advantage of this chance to increase their contribution in light of the growing need for and lack of energy sources.
He urged the geoscientific community to provide specialised expertise for deep, ultra-deep, and onshore waters in order to increase oil and gas production in a way that is environmentally sustainable.
Earlier, Rajesh Kumar Srivastava, CMD of ONGC and Chief Patron of APG, welcomed the dignitaries and attendees, and said “GeoIndia has been a major leader in the last 14 years under the aegis of Association of Petroleum Geologists (APG) India. The biennial South Asian Geology Conference and Exhibition has evolved in terms of size and international participation. The global market value of automation technology in the oil and gas sector is projected to nearly double and reach nearly $42 billion by 2030. It is high time that the oil and gas sector take advantage of the digital transformation.”
Experts and decision-makers attended the plenary session on the first day of the conference, which was moderated by energy affairs specialist Narendra Taneja. Participants included Invest India’s Ravneet Mann, ExxonMobil MD Justin Murphy, Equinor MD Desikan Sundararajan, Md. El-Toukhy, and Pankaj Jain, Secretary, MoPNG.
The Minister also opened the GeoIndia 2022 exhibition, where a number of Indian and international oil and gas service providers and enterprises displayed their cutting-edge products and methods for finding and producing oil and gas.
Prasanta Patnaik