India's Petroleum Minister Emphasizes on Green Hydrogen and Biofuel Projects
Key Ideas
  • Petroleum Minister Puri reaffirms that BPCL privatization plans are off the table, emphasizing on the success of oil PSUs like BPCL.
  • India aims to expand its presence in green hydrogen and biofuel sectors, with major projects underway including setting up green hydrogen refineries.
  • ONGC is set to increase gas production from the Krishna-Godavari basin, while IOCL will establish green H2 plants in various locations.
  • Government considers bringing petrol and diesel under the GST regime, alongside plans for further exploration and production of crude oil.
Petroleum and Natural Gas Minister Hardeep Singh Puri announced that the privatization plans for BPCL, a high revenue-earning public-sector undertaking, have been shelved. He expressed the government's reluctance to divest its stake in successful oil PSUs like BPCL. The government is also focusing on advancing green hydrogen and biofuel projects. Plans include setting up green hydrogen refineries in various locations such as Panipat, Mathura, and Paradip. India has already deployed green hydrogen buses, making it a pioneer in the utilization of green hydrogen. Additionally, ONGC is gearing up for increased gas production from the Krishna-Godavari basin, with plans to engage an international technical partner for offshore operations. IOCL is taking strides towards green energy by planning to install green hydrogen plants. The government is also considering bringing petrol and diesel under the GST regime. Puri highlighted the upcoming rounds of exploration and production for crude oil under the Open Acreage Licensing Policy. The recent initiatives and future projects reflect a positive outlook on green energy development and sustainable practices in India's oil and gas sector.
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