While India is moving towards Renewable Energy, the Petroleum sector will play a pivotal part in the Energy Transition of the Country

No. PR- 285 March 30, 2021 New Delhi While India is moving towards Renewable Energy, the Petroleum sector will play a pivotal part in the Energy Transition of the Country The petroleum sector, while keeping the increasing domestic production in tandem, needs to grow across verticals along with influx of investment for further expansions. We need to produce more LPG, petrochemicals, and other products which are not currently being produced in India. With the shift skewed towards renewable energy, the Petroleum sector will play a pivotal part in the energy transition of the country, mentioned Mr. Tarun Kapoor, Hon’ble Secretary of Petroleum & Natural Gas in the inaugural session of the National Petroleum Conclave organized by PHD Chamber of Commerce and Industry. Mr. Tarun Kapoor opined that the energy needs of the country are growing and the pace of increase will faster in the coming years looking at the development and need of the individuals with rising income levels. Mr. Kapoor emphasized that the government is working towards expanding areas of exploration, involving international players, incorporating fast technology, data explorations, and analysis, common infrastructure, large refineries, and storage, increase downstream manufacturing of petrol chemicals, effort in R&D, and investment in service providers.He shared that while per capita energy consumption is low and there is a huge gap, various studies have shown that India would only remain as the large market which will keep growing in terms of energy requirement but this requirement needs to be fulfilled via various resources. Renewable energy will always be one of the biggest growth areas for India but the petroleum sector will also keep on growing. Mr. Sanjay Aggarwal, President, PHD Chamber deliberated about the importance of Oil and Gas industry in India which is set for a sea change with the recent developmental ambitions of the Government of India. India is the third-largest consumer of fuel in the world but will soon reach the top as the per capita consumption in the country is on the rise. He mentioned that Government has taken multiple steps to enhance exploration & production of oil and gas to reduce imports and make the country AtmaNirbhar through various policies under the Production Sharing Contract (PSC) regime; Discovered Small Field Policy; Hydrocarbon Exploration and Licensing Policy; Setting up of National Data Repository, etc. The Government has also provided functional freedom to National Oil Companies and wider private sector participation by streamlining approval processes including an electronic single-window mechanism. Ministry of Petroleum and Natural Gas has also taken several steps inter alia promotion of renewable and alternate fuels. The Ministry is also working in collaboration with various Central Government Ministries/stakeholders for successful efforts in achieve a reduction in import dependency on oil. Exploration and Production activities are taking place in 2,75,000 sq. km area across different sedimentary basins across India in onshore and offshore areas under Nomination, PSC, and RSC Regimes is highly laudable said, Mr. Sanjay Aggarwal. Mr. E.S Ranganathan, Chairman Hydrocarbon Committee PHD Chamber while giving an industry perspective shared that the Indian energy sector is undergoing considerable changes which is sure to bring about a transformation in the energy landscape. There is a need for flexible technology solutions, more refiners, deep-water exploration, and development which will enable India to attract international investments and is a big leap towards building a self-reliant India. Mr. V.K Mishra, Co-Chairman, Hydrocarbon Committee PHD Chamber mentioned that while our Hon’ble Prime Minister has announced that going forward India will make significant investments finances in creating and developing oil and gas infrastructure in the coming years and government has already laid a vision where they want to provide energy which is secure, sustainable and affordable. India is one of the largest energy-consuming country and its capita consumption is increasing rapidly. While we are moving optimistically towards achieving our energy targets, we need to take care of carbon emission and the environment as well. Mr. Pawan Tibrawala, Co-Chairman, Hydrocarbon Committee PHD Chamber proposed a formal vote of thanks to all the delegates and participants. He assured that PHD Chamber will work closely with the government, institutions, and all stakeholders of the industry for a better India. The session was moderated by Dr. Ranjeet Mehta, Deputy Secretary-General, PHD Chamber .The Inaugural Session was further followed by 2 Technical sessions on Future of Refineries and Deep water exploration, growth, trends, COVID-19 Impact and forecast. The webinar had 100+ participation from India & abroad. Ends Media Division PHD Chamber of Commerce and Industry