India's Energy Strategy Structured and Leading the World - Petroleum Minister
© Photo : Hindustan Times
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Union Petroleum and Natural Gas Minister Hardeep Singh Puri laid out India’s roadmap for energy security and upstream growth at Urja Varta 2025, a key oil and gas industry conclave held at Bharat Mandapam, New Delhi.
Speaking in a fireside chat, Puri addressed global energy challenges and detailed India’s proactive approach to securing stable supplies, expanding exploration, and attracting investment.
Puri said India had expanded its crude sourcing network from 27 to 40 countries. On Russian oil, he emphasized that India has never bought sanctioned cargo, and that the price cap system in place allows for structured trade without violating international norms. He warned that removing over 9 million barrels per day of Russian supply would have triggered price spikes up to $200 per barrel, destabilizing global markets.
Puri credited Prime Minister Modi’s leadership for India’s steady and balanced energy strategy, calling the country a “net stabilising force” in global energy. He outlined a series of reforms that have made India’s exploration and production sector more attractive, including the revamped Oilfields Regulation and Development Act, new Petroleum and Natural Gas Rules, updated revenue-sharing contracts, and the removal of inactive acreage through a “no-sit” clause.
He also announced that nearly one million square kilometres of previously off-limits exploration zones have now been opened, unlocking major hydrocarbon potential. Expressing confidence in India’s offshore prospects, particularly the Andaman Basin, he compared it to the globally successful Guyana Basin and projected the discovery of large new fields.
Puri unveiled key initiatives such as new Hydrocarbon Resource Assessment Studies and the launch of a cloud-based National Data Repository developed with NIC, aimed at improving data transparency and investor confidence. Memoranda of Understanding were signed, including one between bp and ONGC for advanced geological studies.
The event also saw the release of the India Hydrocarbon Outlook 2024–25, which offers detailed projections and insights to support strategic planning in the upstream sector. At an Inter-Ministerial Round Table, attended by representatives from 22 States and Union Territories, Puri called for deeper Centre-State collaboration, highlighting the critical role of states in enabling infrastructure and accelerating project approvals.
India has contributed 16% of the global oil demand growth in the past five years and is expected to account for 25% of incremental global energy demand by 2045. Puri noted that India’s energy demand is not only large but also predictable and responsible. He said over $48 billion USD has been invested in energy infrastructure over the past decade, with $360–420 billion USD more expected by 2035.
The Urja Varta 2025 conclave featured participation from over 700 stakeholders, including ministers, global energy leaders, technocrats, and media. Puri visited an innovation showcase featuring over 50 technical exhibits and 15+ startup solutions, reinforcing the government’s emphasis on technology and innovation in upstream oil and gas development.
Urja Varta 2025 underscored India’s commitment to energy security, global collaboration, and investor-friendly reforms, positioning the country as an emerging leader in the global energy landscape.
