Noida: “Energy today has become the spinal cord for economic growth and development,” remarked Hardeep Singh Puri, Minister of Petroleum & Natural Gas, at the inauguration of GEO India 2024, South Asia’s premier Geosciences Conference and Exhibition, held in Greater Noida.
Addressing an audience of industry leaders, geoscientists, and policymakers, Puri underscored India’s growing energy demand and its pivotal role in shaping the global energy landscape. “India’s fuel demand, growing at three times the global average, is poised to drive 25% of the global increase in energy consumption over the next two decades,” he noted.
The conference, organized by the Association of Petroleum Geologists, India, is in its sixth edition with the theme “Exploring New Dimensions of Energy Dynamics.” The event has drawn over 2,000 participants, 200 technical papers, and 50 exhibition booths showcasing advancements in exploration and production (E&P).
Puri outlined India’s ambitious plans to enhance exploration efforts and energy security. He highlighted key achievements:
- Exploration Expansion: The share of explored sedimentary basins has increased from 6% in 2014 to 10% today and is set to reach 16% by 2025. By 2030, India aims to expand its exploration acreage to 1 million square kilometers.
- Simplified Processes: Approval requirements for E&P activities have been reduced from 37 to 18, with nine processes now self-certifiable.
- Policy Stability: The Oilfields (Regulation and Development) Amendment Bill 2024 introduces lease extensions, international arbitration, and policy clarity.
- “No-Go” Areas Opened: A 99% reduction in restricted areas in the Exclusive Economic Zone (EEZ) has unlocked vast tracts for exploration.
India’s energy reserves boast 651.8 million metric tons of recoverable crude oil and 1,138.6 billion cubic meters of recoverable natural gas. Puri emphasized that further tapping these reserves will strengthen the nation’s energy independence.
The Minister expressed confidence in India’s potential as a global hub for green hydrogen, citing projects in hydrogen blending, electrolyser localization, and bio-pathways for green hydrogen production. “Green hydrogen is the fuel of the future, and India is committed to leading this revolution,” Puri declared.
The recent Open Acreage Licensing Policy (OALP) round IX marked a milestone with 136,596 square kilometers offered across 28 blocks in eight sedimentary basins, including areas previously classified as “No-Go.” The bidding attracted 60 bids, reflecting increased domestic and international interest.
The establishment of a new data center at the University of Houston aims to provide global firms with seamless access to India’s geological data, further boosting international collaboration.
Puri concluded with a call to action for geoscientists and energy leaders. “I have great faith in the innovative minds of geoscientists to lead an energy revolution in India, ensuring energy security for every citizen and addressing future challenges,” he said.
GEO India 2024 is set to feature 20 conference sessions, four plenary discussions, and dynamic interactions between global and domestic stakeholders. The event reaffirms India’s commitment to balancing energy availability, affordability, and sustainability while fostering innovation in the energy sector.