Union Petroleum and Urban Affairs Minister Hardeep S Puri, on Friday, assured that the Indian petroleum industry was at the cusp of opportunity and will be able to produce 25 percent of its crude oil demand by 2030.

Interacting with the media here at the inaugural event of the 5h South Asian Geoscience Conference (GEO)-India 2020, Puri said, “At present, five million barrels of petroleum is being consumed in our country every day, and it is also increasing by three percent, which is higher than global average of around one percent.”

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He further said, “The ethanol-blend percentage in petrol has been increased from 0.67 percent in 2013 to 10 per cent in May 2022, i.e. five months ahead of schedule. It is reducing 2.7 million tonnes of CO2 emissions which is good for the environment. As per the International Energy Agency (IEA) estimates, India will contribute a quarter (25%) of the growth in global energy consumption in the coming two decades. BP estimates that India’s energy demand will double, while natural gas demand is expected to grow five-fold by 2050.”

Speaking on the occasion, Petroleum Secretary Pankaj Jain said the geology experts should utilise this opportunity to elevate their contribution in the context of increasing demand and scarcity of energy sources. He urged the geoscientific fraternity to develop tailored knowledge for deep water, ultra-deep water and onshore to enhance oil and gas production while doing it in an environmentally sustainable manner.

Rajesh Kumar Srivastava, CMD, Oil and Natural Gas Corporation Limited (ONGC) and Chief Patron of APG, said, “The global market value of automation technology in the oil and gas sector is projected to nearly double and reach approximately $42 billion by 2030. It is high time that the oil and gas sector take advantage of the digital transformation”.

Veteran Geologist Shyam Vyas Rao, former Director (Exploration), ONGC was also presented with the Life Time Achievement Award by the Minister in the inaugural session. The Minister also inaugurated the Exhibition of GeoIndia 2022, where a number of Indian and global petroleum companies and service providers are showcasing their cutting edge services and tools for Exploration and production of oil and gas.