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Expecting $58 billion funds in energy exploration by 2023: Hardeep Puri at Global South Summit
India is expecting an investment of $58 billion in energy exploration and production as it plans to almost double the net geographical area under exploration by 2025, petroleum minister Hardeep Singh Puri said at the Global South Summit
New Delhi: India is expecting an investment of $58 billion in energy exploration and production as it plans to almost double the net geographical area under exploration by 2025, petroleum minister Hardeep Singh Puri said at the Global South Summit on Friday, adding that oil giants such as Chevron, ExxonMobil and Total are keen to invest in the country.
Addressing leaders of Global South countries such as Iraq, Algeria, Bahrain, Belarus, Republic of Equatorial Guinea, Libya, Namibia, Somalia, Syria, Venezuela and Azerbaijan, Puri said: “Excellencies, the Global South has tremendous potential to emerge as major producers of oil and gas, given that we partner to resolve the concerns which countries are facing.”
He added: “Domestically, we have set a target to increase the net geographical area under exploration from 8% or 0.25 million square kilometers to 15% or 0.5 million square kilometers by 2025. And we are expecting an investment of around U.S. dollars 58 billion in E&P by 2023.”
Puri said the government is taking steps to increase domestic oil and gas production and many global energy giants have expressed interest in the sector. “We have reduced the prohibited or no-go areas in our exclusive economic zone (EEZ) by 99%... opening up nearly 1 million square kilometres for exploration to attract domestic and overseas investors,” he said.
“Several multinational corporations like Chevron, ExxonMobil, Total Energies are showing keen interest to invest in the Indian E&P segment,” he added.
The minister invited countries of the Global South to join a biofuel alliance under the G20 to help reduce usage of fossil fuel and asked them to join the International Solar Alliance (ISA).
“It is my privilege to welcome you all to the Energy Minister session in the Voice of the Global South Summit, where we, as a group, will deliberate on the very apt theme of energy security and development road map to prosperity,” he said.
“India had taken over the presidency of the G20 in December 2022. It is our endeavour to utilise this opportunity to give resonance to the Voice of the Global South Summit,” Puri said, adding that India is willing to share its developmental experience with all countries in the same spirit it had supplied medicines and vaccines to over 100 countries during the Covid-19 pandemic.
Puri said India is keen to help the region as around 80% of the world’s population lives in Sub-Saharan Africa, South Asia and Southeast Asia, and are disproportionately poor and vulnerable.
“Excellencies, today the world is facing an unprecedented three crises of food, fuel and fertiliser. We are witnessing extreme price volatility in energy molecules. The most acute impact of this is felt in the Global South. Against these challenges, and despite these challenging circumstances, we in India took several measures to maintain energy security for our citizens,” he said, citing examples of diversification of supplies, increasing use of alternate energy sources such as biofuels, ethanol, compressed biogas, and meeting energy targets through electric vehicles and hydrogen.
Puri informed the leaders about India’s recently developed stationary, rechargeable and always kitchen connected indoor solar cooking system.
“We have come a long way from firewood to kerosene to LPG and now to the next generation cooking solution in the form of a solar cook-top. Once it starts commercial production, we will be able to offer this technology to… our friends in the Global South,” he said, adding that technology has the potential to change indoor cooking and move towards smokeless and sustainable kitchens.
It is well established that biofuels have associated benefits, such as providing a viable alternative to fossil fuels, waste-to-wealth creation, managing agricultural and municipal waste, and decarbonising the transport sector. All these are issues with which the countries of the Global South are grappling with, he said.
“We have increased ethanol blending in petrol from 1.53% in 2014 to 10.17% in 2022, which was well ahead of the target of November 2022 by five months. And we have set a target to achieve 20% ethanol blending, which was originally targeted for 2030, but we are hoping to complete this by 2025,” he said.
To resolve the common concerns of the Global South, India is also proposing a Global Biofuels Alliance under the G20, Puri said. “The aim of the alliance is to support projects in order to increase the deployment of biofuels and its related technology, offer alternate means of sustainable energy and finally move to its trading among the largest producers and consumers of biofuels,” the minister said.
“We stand ready to share our experience and best practices with partner countries of the Global South so that together we can translate our climate pledges into action,” he added.
