Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Friday said that unless the prices of crude oil are maintained at sustainable levels, it will severely impact the green shoots of global economic recovery.
In his closing remarks at India Energy Forum CERAWEEK, the Minister, referring to the latest Commodity Markets Outlook by World Bank, said that the cost of energy should not be allowed to outstrip the paying capacity of consuming nations. And this imperative needs to be configured by the consuming countries, in planning their production profiles for future, he added.
The World Bank had stated that "the surge in energy prices poses significant near-term risks to global inflation and, if sustained, could also weigh on growth in energy-importing countries".
Puri said that this is something that the Indian government has been consistently saying.
Noting that the Indian oil and gas industry has made significant strides in recent years, he said: "We have introduced a number of reforms to meet national energy needs based on the Energy Vision as laid out by Prime Minister Narendra Modi, covering energy access, energy efficiency, energy sustainability, energy security, and energy justice. India is advocating for energy justice on every global platform. As we have been saying - to cater to increasing demand in the country, we have to explore all supply options that are sustainable, secure and affordable."
Puri said that the Ministry of Petroleum and Natural Gas is focused on increasing exploration in India to reduce import dependency.
He said that currently in India, only 6 out of the 26 sedimentary basins have been explored and that "we are looking for international partners to participate in the exploration journey of India".
He invited the global industry and experts to become partners in India's shared prosperity by enhancing India's production of all forms of energy.
The Minister said that they are working to promoting low carbon pathways through biofuels and will increase ethanol blending to 20 per cent by 2025, and undertake waste-to-energy programmes, and ambitious targets towards compressed bio gas, and hydrogen.
All this will be done concomitantly whilst continuing on the path of increasing the share of gas from the current 6 per cent to 15 per cent by 2030 in the Primary Energy mix, he said.
"In this age of unprecedented global energy transition, India is here to lead in this pursuit. The profound changes initiated by India, during the last seven years, to meet its energy needs with sustainable means, amply testifies this aspect," he added.
About the India Energy Forum CERAWEEK, Puri said that this year's conference took place against the backdrop of most turbulent and consequential time for energy markets and the global economy. Amidst the turmoil of the global energy markets, this Forum has enabled deep and necessary dialogue just a few days before COP-26.
(With inputs from IANS)