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Petroleum Minister Puri Highlights India's Energy Reforms at India Energy Week 2024

Union Minister Puri stressed the importance of managing the transition to cleaner fuels while ensuring access to traditional fuels in an orderly manner.

February 08, 2024. By Abha Rustagi

India's recent reforms in the petroleum sector, including diversification of import sources and adjustments in gas pricing mechanisms, have played a pivotal role in mitigating the impact of global price fluctuations on petrol and diesel prices within the country. This was emphasized by the Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs, Hardeep Singh Puri, during his participation in a ministerial panel titled 'Ensuring energy security for nations and industry in a VUCA world' at India Energy Week 2024.

The ministerial panel, also attended by notable figures such as Saad Sherida Al Kaabi, Energy Affairs Cabinet Minister of Qatar, Vickram Bharat, Minister of Natural Resources of the Republic of Guyana, and OPEC Secretary General Haitham Al Ghais, delved into discussions regarding the challenges and strategies for ensuring energy security in an era characterized by volatility, uncertainty, complexity, and ambiguity (VUCA).

Union Minister Puri stressed the importance of managing the transition to cleaner fuels while ensuring access to traditional fuels in an orderly manner. He advocated for balanced and realistic dialogue instead of vilification of fossil fuels, emphasizing the need for a predictable transition.

Haitham Al Ghais, Secretary General of OPEC, highlighted the multiple pathways of energy transition and emphasized the necessity of continued investment in fossil fuel production to meet growing demand. “Energy transition can have multiple pathways. This is how we should look at energy transition. At OPEC we continue to invest, and we need hundreds of billions of investment over the next 20 years,” he said.

Saad Sherida Al Kaabi, Minister of State for Energy Affairs of Qatar, cautioned against disregarding fossil fuels entirely, stating that renewable energy sources alone cannot fulfill global energy needs.

Vickram Bharat, Minister of Natural Resources of the Republic of Guyana, celebrated the discovery of new hydrocarbon reserves offshore Guyana, emphasizing its potential to drive prosperity. “The new hydrocarbon found offshore Guyana has made the world notice us. Our policy is very simple. Get hydrocarbons out of the ground as fast as possible and use that to build traditional sectors. The window on oil is closing, not so much for gas,” he noted.

The discussions underscored the complexities and challenges inherent in the global energy landscape and the imperative for nuanced approaches to ensure energy security while navigating the transition to cleaner energy sources.
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