PremiumIndia will contribute a quarter of the growth in global energy consumption in the coming two decades, as per IEA. BP estimates that India’s energy demand will double, while natural gas demand is expected to grow five-fold by 2050.
NEW DELHI: India’s petroleum industry will be able to produce 25% of its crude oil demand by 2030, Union minister of petroleum Hardeep Singh Puri said on Friday.
“At present, five million barrels of petroleum is being consumed in our country every day and it is also increasing by 3%, which is higher than global average of around 1%," he said.
The minister was addressing the three-day South Asian Geoscience Conference Geo India 2022, which began at JECC, Sitapura on Friday.
Puri said that the percentage of ethanol blended in petrol rose to 10% in May, about five months ahead of the schedule and will help reduce 2.7 million tonne of carbon emissions.
As per the International Energy Agency (IEA) estimates, India will contribute a quarter 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.
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.
The minister also inaugurated the Exhibition of GeoIndia 2022, where a number of Indian and global petroleum companies and service providers are showcasing cutting edge services and tools for exploration and production of oil and gas.