Union Petroleum Minister Hardeep Singh Puri expressed optimism that rising oil production from the United States, Canada, and Brazil would help stabilise global oil markets and reduce price volatility. Speaking to the media, Puri noted that these nations are expected to ramp up output significantly, with Brazil projected to add 300,000 to 400,000 barrels per day and the US potentially contributing an additional one million barrels in the coming years.

Puri underscored that India's economic growth, including its ambition to become the world’s third-largest economy by 2028 and a developed nation by 2047, hinges on stable energy supplies and robust strategic planning. At the 12th Public Sector Enterprises (PSE) Summit organised by the Confederation of Indian Industry (CII), Puri highlighted India's transformation from a fragile economy in 2014 to the fifth-largest globally. Public Sector Enterprises (PSEs) have played a pivotal role in this growth.

He noted an 82% increase in the net worth of Central Public Sector Enterprises (CPSEs), which rose from Rs 9.5 trillion in FY14 to Rs 17.33 trillion in FY23. Contributions to the national exchequer through taxes, excise duties, and dividends doubled over the same period, from Rs 2.20 trillion to Rs 4.58 trillion. Additionally, the net profit of profit-making CPSEs rose by 87%, while the market capitalization of 81 listed PSEs grew by 225%, surpassing the performance of major stock indices. Puri outlined India’s balanced approach to energy transition, emphasizing the need for security, stability, and affordability. While moving toward cleaner energy sources, fossil fuels will remain a part of the energy mix for the foreseeable future.

Recent reforms in the Exploration and Production (E&P) sector, such as reducing "No-Go" zones in Exclusive Economic Zones (EEZ) by 99% and offering extensive areas under the Open Acreage Licensing Policy (OALP), have bolstered oil and gas exploration.

Puri also highlighted India’s potential in green hydrogen, citing its strong domestic demand, production capabilities, and consumption trends.

India’s ethanol blending in petrol has surged from 1.53% in 2014 to 15% in 2024, with a target of 20% by 2025. Discussions are underway to set post-2025 targets in the bioethanol sector, aligning with India’s broader renewable energy objectives. Puri praised the CII for organising the PSE Summit, stressing the importance of collaborative platforms for innovation and growth. He emphasised that collective efforts are vital for steering PSEs toward sustainable development and helping India achieve its ambitious economic and energy goals. (ET)