India's Energy Future: A Look at Petroleum and Natural Gas Priorities
Key Ideas
  • India's focus on energy availability, affordability, and sustainability continues with an emphasis on key segments like oil and gas exploration, natural gas, biofuels, and green hydrogen.
  • Efforts are being made to reduce reliance on costly energy imports by increasing domestic output of oil and gas and implementing refinery capacity expansions.
  • State-owned Bharat Petroleum Corporation plans to set up a greenfield refinery to increase India's refining capacity to 450 million tonnes per annum by 2030.
  • Initiatives to develop a green hydrogen ecosystem aim to position India as a global production and export hub for this zero-emission fuel, with a focus on localizing the supply chain and manufacturing electrolysers.
India's Ministry of Petroleum and Natural Gas, under the leadership of Union Cabinet Minister Hardeep Singh Puri, is poised to continue its focus on energy availability, affordability, and sustainability. The government plans to build on past initiatives and prioritize key segments such as oil and gas exploration, natural gas, biofuels, and green hydrogen. With India being a major energy consumer heavily reliant on imports for over 85% of its crude oil needs, there is a push to enhance domestic oil and gas production to reduce this dependency. Efforts are underway to auction new oil and gas blocks, encourage collaboration with international players for expertise, and expand refinery and petrochemical capacities. State-owned Bharat Petroleum Corporation's greenfield refinery project aims to significantly increase India's refining capacity by 2030. The focus on green hydrogen is prominent, with initiatives already in place to establish production units and pilot projects. The goal is to develop a green hydrogen ecosystem within the country and transform India into a global hub for this promising zero-emission fuel. By accelerating efforts in localizing the supply chain and manufacturing necessary equipment like electrolysers, India aims to lead the way in the green hydrogen sector.
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