25% of global oil demand will be from India

Petroleum minister Hardeep Singh Puri said India will account for 25% of incremental global oil demand over the next two decades.

The growth will not be restricted to just exploration and production activities but will also be extended to biofuels, said the minister while speaking at the closing ceremony of the India Energy Week (IEW), 2024, in Goa.

The minister also mentioned that this year 30% more exhibitioners showcased their products and services in an area spanning over 18,000 square metres from the last edition.

“We couldn’t get more than 1.5% biofuel blending up to 2014. Today we’ve received 12% blending in the entire country, and we’re going to take it to 20%. So I think that the best is yet to come,” said the minister.

Moreover, Puri said that ethanol, biofuels, compressed biogas and green hydrogen are poised to see immense growth in the country. “I think, the world is just beginning to see that green hydrogen may not be as distant a story as was initially thought. And, at least the Indian estimates of 5 million tonnes per annum by 2030 is very much an underestimation,” he added.

The second edition of India Energy Week (IEW), 2024, was inaugurated by Prime Minister Narendra Modi. The Prime Minister underlined that the massive government spending in the sector will create new avenues for investment in India. In the event, Petronet LNG Ltd has signed a long-term deal with Qatar Energy for purchase of about 7.5 million metric tonne of liquified natural gas per annum.