Page 60 - Policy Economic Report_Mar'25

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

September 2024
Make in India Powers Energy Transition: Fuels renewable energy equipment boom

As "Make in India" initiative of Government of India completed 10 years, it has proved to be a driving
force in promoting investment, fostering innovation, and building world-class infrastructure to
transform India into a hub for manufacturing, design, and innovation. It continued to play a pivotal role
in developing a robust manufacturing sector for renewable energy in the country. One of the key
focuses of the Government is to support and incentivize domestic manufacturing in the renewable
energy sector. The renewable energy equipment manufacturing sector in India is well-positioned to
meet domestic demand and serve the global market through exports, establishing India as a key player
in the renewable energy manufacturing space. Union Minister for New and Renewable Energy Shri
Pralhad Joshi posted on X " India's renewable energy sector has contributed immensely to the
#10YearsOfMakeInIndia. From PLI to VGF, we are extending all possible support to our domestic
industries. We are committed to establishing India as a major global player in the complete value chain
of clean energy solutions."

August 2024
Export of green ammonia from India to Japan

The Union Minister of New and Renewable Energy, Shri Pralhad Joshi, chaired the signing ceremony of
the first-ever agreement for the export of Green Ammonia from India to Japan. The project offtake
agreement, marks a significant step forward in India’s journey to becoming a global leader in green
hydrogen and ammonia production. The signing ceremony for heads of terms (HoT) for the cross-border
green ammonia supply from India to Japan was also graced by H.E. Mr Simon Wong, High Commissioner
of the Republic of Singapore to India; Mr Yuta Hikichi, First Secretary, Embassy of Japan in India; Mr Ajay
Yadav, JS, MNRE; and Mr Vipul Tuli, Chairman – South Asia & CEO – Hydrogen Business, Sembcorp
Industries. This agreement represents the first such collaboration between India, Singapore and Japan,
underscoring India’s growing prominence in the global green energy landscape. The Heads of Terms
(HoT) agreement was signed between Sembcorp Industries, Sojitz Corporation, Kyushu Electric Power
Co., and NYK Line, solidifying a cross-border green ammonia supply partnership from India to Japan. This
agreement represents the first such collaboration between the two nations, underscoring India’s
growing prominence in the global green energy landscape.

July 2024
E&P sector offered investment opportunities worth 100 billion USD by 2030

The Exploration and Production (E&P) sector offered investment opportunities worth 100 billion USD by
2030, said Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas. The Minister was speaking at
the inaugural session of first edition of Urja Varta. Addressing the distinguished gathering, he
underscored the importance of the exploration and production (E&P) sector in achieving energy self-
sufficiency and sustaining economic growth. He highlighted the vast potential of India’s 26 sedimentary
basins, containing substantial reserves of crude oil and natural gas yet to be fully tapped. Despite our
substantial progress, the Minister said, “Only 10% of our sedimentary basin area is under exploration
today. After the award of blocks under the forthcoming Open Acreage Licensing Policy (OALP) Rounds, it

March 2025 Page | 59