ONGC has contributed substantively to Indian economy, it’s role to enhance further: Minister of Petroleum and Natural Gas
The Union Minister of Petroleum and Natural Gas Hardeep Singh Puri complimented the substantive role of ONGC in the Indian economy. “The role of ONGC will get more dynamic now”. The Minister was addressing national and regional journalists in a media interaction prior to the Curtain Raiser of India Energy Week 2023 (IEW 2023) at the Bangalore Palace, Bengaluru, on 16 December 2022.
The landmark event saw the attendance of representatives of leading Indian companies from Karnataka including from Energy, IT, financial companies, members of the diplomatic community, among others. Hon’ble Chief Minister of Karnataka Basavaraj Bommai was the Chief Guest for the Curtain Raiser along with Karnataka Industries Minister for Large & Medium Industries Murgesh R Nirani.
The Media Interaction before the curtain raiser was also participated by MoPNG Secretary Pankaj Jain.
The Chairman of ONGC, CMDs and Directors of Oil PSUs were also there in the Media interaction and the Curtain Raiser.
At the Media intersection Minister Puri stated that most of the targets set by the Government have been met before time, like blending of 20 percent of biofuels. The government of India prioritizes cleaner fuel solutions, and has been pushing for ethanol-based petrol or biofuel. Polluting much less than petrol, the biofuel known as the E20 fuel. Concerned to mitigate India’s growing air pollution, the government has targeted achieving 20 percent ethanol blending in petrol by the year 2025. Minister Puri briefed that the biofuel is about to get launched, with the industry confident about its delivery claim. Similarly, Green Hydrogen is poised to be a game changer in Indian economy to bolster its energy security. India’s maiden green hydrogen policy promotes energy transmission to curb its dependence on crude oil imports. This step will be instrumental in helping India as a rapidly expanding economy to not be dependent on planet-warming fossil fuels.
Minister Puri highlighted, "ONGC has made a significant contribution to the Indian economy. The Indian exploration and production sector will now look up as the government has opened up a lot of areas for exploration." He stated that, "India is projected to witness the largest increase in energy demand of any country over the next two decades, as its economy continues to grow and create opportunities for its people, and the global value chain. Achieving India’s target of net-zero emissions by 2070 need to be weighed against the country's growing economy, rising energy requirements, and the implementation of responsible energy sources over transformation energy systems for the future."
He elucidated the present situation of the nation and said, "The inaugural of India Energy Week comes at a critical time, with the challenges of energy security and environmental sustainability impacting long-term energy transition and paths towards decarbonization. As a rapidly developing country, and soon to be the world’s most populous nation, India’s energy transition will play a pivotal role in global energy markets."
India Energy Week will be organized during 6-8 February 2023 in Bengaluru and has been attracting global attention. Minister Puri said, “India's growth story is there for everyone to see. E&P segment has been cleaned, as the 'No Go' areas have opened up now. Our target is to create the capacity of 252 MMT to 400 MMT. A whole sensation of interest is brewing up in Energy industry. The context of G20 Presidency by India is vital in this regard." Apart from the entrepreneurship atmosphere facilitated by the government, commercial entities like PSUs are behind this growth. Minister Puri had earlier mentioned that, “India is in a unique position to lead the global march towards green hydrogen.” He added, “Under G20 presidency, India may start a bio-fuel alliance like the solar alliance.”
Comprising of a significant number of the world's largest economies, including both industrialized and developing nations, the G20 or Group of Twenty works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development. Heading the intergovernmental forum, India has assumed the G20 Presidency from the 1 December 2022 from Indonesia, and will convene the G20 Leaders’ Summit for the first time in the country in 2023. India’s G20 Presidency will witness this event, under the tagline, "Growth, Collaboration, Transition", and is expected to feature more than 30,000 participants, 8000 delegates, exhibitors, along with 50 countries, 800 speakers, and around 80 Ministerial participants.
At the Curtain Raiser, CM Bommai said that there is tremendous possibility of innovation in the energy sector. Sharing his views on the occasion, CM Bommai said that there is tremendous possibility of innovation in the energy sector. He focused on maintaining the ecological balance of the planet and said, “We need to have a balance for an Eco-economy in energy. While growing, our ecology also has to be kept in mind. The Carbon imprint of fossil fuels needs to be managed and this is the biggest challenge for the energy industry, for countering the same, we need to give some time in the area of innovation.”
ONGC Chairman Arun Kumar Singh was interviewed by leading news channels like ET Now, Doordarshan, Times Now and Zee News. Watch the link to the ET Now interview:
The theme tune of India Energy Week was launched during the IEW Curtain Raiser. The IEW Curtain Raiser ushers more preparatory events, including the “Dancing charge Electric Vehicles” on 23 December 2022 at Kartavya Path, New Delhi. The car rally of Sustainable Fuel Vehicles will start from New Delhi to reach Manesar.
