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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

public awareness campaigns. He further credited India's Oil Marketing Companies (OMCs) for enabling
last-mile LPG delivery through digital platforms, making adoption seamless. Panadiker also underscored
the need for refining the cylinder refill model to ensure sustained usage and balancing affordability with
economic sustainability.

Responding to the potential of solar cookers in expanding clean cooking technologies across the Global
South, Shri Puri highlighted that IOCL’s advanced solar cookers, featuring integrated solar panels, are
priced at approximately $500 per unit with no additional costs over their lifecycle. The Union Minister
added that while the current price point remains a challenge for widespread adoption, leveraging carbon
financing and collaborating with the private sector could drive costs down, making solar cooking a viable
alternative for millions.

This initiative aligns with India’s broader efforts to diversify clean cooking options beyond LPG, reinforcing
the country’s commitment to reducing reliance on traditional biomass fuels and cutting carbon emissions.

Shri Puri concluded the discussion by reaffirming India’s commitment to supporting energy access
initiatives worldwide. He underscored that the Indian model, backed by smart subsidies and sustainable
policies, provides a scalable solution for other developing nations striving to achieve clean cooking access.
He stressed that achieving universal clean cooking access is not merely an economic imperative but a
moral one, given the severe health and environmental impacts of traditional biomass cooking.

This roundtable reaffirmed India’s position as a global leader in energy transition and clean cooking
solutions, setting the stage for greater international cooperation in achieving universal access to clean
energy.

India Strengthens Global Energy Partnerships at India Energy Week 2025

At the India Energy Week 2025, India signed multiple strategic agreements and MoUs aimed at enhancing
energy security, diversifying supply sources, and fostering innovation in the oil and gas sector. Addressing
a press conference on the sidelines of the event, Shri Hardeep Singh Puri, Minister of Petroleum and
Natural Gas highlighted these agreements as crucial steps toward a more resilient and sustainable energy
future for the country.

As part of efforts to diversify crude oil imports, BPCL signed an optional term contract with Petrobras,
Brazil, to import up to 6 million barrels of crude. Strengthening India’s transition to a natural gas-based
economy, IOCL and ADNOC (UAE) signed a USD 7 billion contract to source 1.2 MMTPA LNG for 14 years
starting in 2026, while BPCL and ADNOC entered into a five-year LNG offtake agreement for 2.4 MMT,
extendable by another five years. Expanding India’s role as a regional energy supplier, IOCL signed its first
LNG export agreement with Nepal’s Yogya Holdings, ensuring the delivery of 1,000 metric tons (TMT)
annually via cryogenic trucks through Odisha’s Dhamra Terminal.

On the technical front, ONGC selected BP as the Technical Services Provider for the Mumbai High field,
India’s largest offshore oilfield. BP will conduct a comprehensive review of field performance, implement
technological improvements, and work to stabilize and enhance production. Additionally, EIL signed an

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