The government has set out a roadmap for reducing India's crude oil imports by 10% by 2022, said Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan speaking at an event organized by Swarajya.  

 

"We are in the process of developing new strategies and initiatives to achieve this target. Enhancing indigenous Oil & Gas production is our utmost priority," said Pradhan. 

 

The minister said that in the Oil & Gas sector, we see open spaces for startups in both within the existing domain of Oil & Gas as well as upcoming areas like fuel cells, solar energy, hydrogen, alternative sources of energy, electric vehicles etc. Currently about 175 startups are at various stages of incubation under Oil & Gas PSUs with allocated funds of Rs. 200 crores to selected startups which is 62.5% of pledged funds committed during Startup Sangam. Incubation and mentoring support to Startups is provided through tie-ups with educational/professional institutions like IITs/IIMs/NITs/established startup hubs. Oil & Gas PSUs have further committed around Rs. 300 crore for next three years period.

 

Pradhan said that oil and gas companies in India including oil PSUs are investing in developing renewable energy projects by focusing more on green energy investments such as renewables, biofuels and hydrogen going forward.

 

"India is currently using only 6 percent of the world’s primary energy and per capita consumption of energy is still one-third of the global average but this is rapidly changing. India will drive growth in global energy demand as its energy consumption is projected to grow at 3 percent per annum up to 2040, faster than all major economies of the world. India’s share of total global primary energy demand is set to roughly double to about 11% by 2040, driven by strong economic development," said Pradhan. 

 

The minister indicated that despite our various initiatives, including transition to renewables and other alternative energies, India’s oil demand would double and gas demand would triple by 2040. 

 

To ensure energy security for our economic growth, we are expanding our refining capacity from the current 250 MMTPA to 450 MMTPA and this will help India maintain its self-sufficiency in supply of petroleum products,” added Pradhan.