Cost of energy should not be allowed to outstrip paying capacity of consuming nations: Hardeep Singh Puri.
Union Minister of Petroleum and Natural Gas Hardeep Singh Puri has said that the cost of energy should not be allowed to outstrip the paying capacity of consuming nations. He said, this imperative needs to be configured by the consuming countries in planning their production profiles for future. Mr Puri stated this during his closing remarks at India Energy Forum CERAWEEK. He said, unless the prices of crude oil are maintained at sustainable levels, it will severely impact the green shoots of global economic recovery.
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. The Minister added that Indian oil and gas industry has made significant strides in recent years and a number of reforms have been introduced to meet national energy needs. He said, the Ministry of Petroleum and Natural Gas is focused on increasing exploration in India to reduce import dependency. He said, currently in India, only 6 out of the 26 sedimentary basins have been explored and the government is looking for international partners to participate in the exploration journey of India. He also invited the global industry and experts to become partners in India’s shared prosperity by enhancing country’s production of all forms of energy. The Minister said that the government is working to promoting low carbon pathways through biofuels and increase Ethanol blending to 20 per cent by 2025.
