Open House with Hon’ble Minister of Petroleum & Natural Gas and Housing & Urban Affairs


Open House with Hon’ble Minister of Petroleum & Natural Gas and Housing & Urban Affairs

The Federation of Indian Petroleum Industry (FIPI) organized an open house with Shri Hardeep S Puri, Hon’ble Minister of Petroleum & Natural Gas and Housing & Urban Affairs on 9th September 2022 at Hyatt Regency, New Delhi. At the event, the Hon’ble Minister witnessed the contract exchange for 30 Discovered Small Fields (DSF) blocks under DSF bid round-III and 4 CBM blocks under special CBM bid round 2021 awarded to 14 Exploration & Production (E&P) companies. During the event, Minister also unveiled the logo for India Energy Week (IEW) 2023, the Ministry’s flagship event taking place from 6th-8th February 2023 in Bengaluru, India.

The event commenced with Shri S.C.L. Das, DG DGH highlighting the key features of DSF and CBM rounds through a short presentation and their importance in helping India to reduce its dependence on imports while meeting the energy demand. DSF and CBM policies are also in-line with Government’s thrust to promote domestic oil and gas production through a host of investor-friendly policy initiatives to attract new players and expedite the monetization of the hydrocarbon production from these fields.

Further Contract(s) were exchanged between Mr. Sunil Kumar, Joint Secretary (Refineries) MoPNG on behalf of Ministry of Petroleum & Natural Gas and the Business Leaders from the winning companies of the DSF bid round-III and special CBM bid round 2021.

Shri Pankaj Jain, Secretary MoPNG, made a presentation during the event and highlighted the growth opportunities in India’s Oil & Gas sector, growth of the Indian economy and from being the 5th Largest Economy in the world presently to become 3rd Largest by 2030. He also mentioned the fact that with increase in population and rise in per capita energy consumption, demand for hydrocarbons is expected to rise in the future. In the coming years, India is expected to remain a growing energy demand center and will hold a significant share in the global energy consumption as it is one of the top five energy consuming nations with 3rd largest CNG vehicle fleet and 4th largest auto market globally.

He also highlighted that India is strongly committed to reduce its dependence on Oil & Gas imports through boosting its domestic hydrocarbon production and simultaneously focussing on energy demand substitution by promoting biofuels and alternative fuels. Further, Mr. Jain emphasized on the initiatives undertaken by Government of India (GoI) and the way India is progressing to ensure Energy Security, Affordability and Access, through:

  • Increasing oil exploration & production

  • Switching towards a gas-based economy

  • Reducing net Oil & Gas demand via efficiencies across the energy system

  • Exploring and growing all alternative fuel avenues

During the event, the Hon’ble Minister unveiled the logo for India Energy Week (IEW) 2023, the Ministry’s flagship event taking place from 6th-8th February 2023 in Bengaluru, India. In the Open House following the Contract Exchange and logo launch ceremony, the Hon’ble Minister highlighted that Government of India has taken several measures to minimize and mitigate the volatility of global crude oil and gas prices. Fuel price rise in India have been contained as compared to the exponential rise in the developed countries. Most of the developed nations have witnessed significant inflation rise in gasoline price, while in India gasoline price has been relatively stable due to excise duty cuts by the government.

India is committed to move towards a ‘gas-based economy’ by connecting Indian consumers through increasing the spread of City Gas Distribution, increasing regasification capacities, expanding pipeline networks and setting up of CNG stations. In May 2022, India achieved 10% blending of ethanol in petrol ahead of the November 2022 deadline. The setting up of 2G refineries to make ethanol, and a host of other initiatives, is a symbol of Government’s resolve towards energy transition. The Green Hydrogen Mission, under which the Ministry is facilitating setting-up pilot scale and commercial scale green hydrogen manufacturing plants by refineries, is a part of this commitment.

The significance of the various social welfare schemes such as Pradhan Mantri Ujjwala Yojna and its role in ending energy poverty, ensure social upliftment and as a catalyst of social change cannot be emphasized enough.   

On India Energy Week 2023, the Hon’ble Minister stated that it would be a flagship event of the Ministry, and also the first major Energy event once India takes over G20 Presidency. The event will provide an unprecedented opportunity for regional and international leaders and CEOs to come together for strategic policy and technical knowledge sharing for energy justice and energy transition.

1,000 exhibitors from over 50 countries will participate in the exhibition at India Energy Week that will host national pavilion representations from 15 countries. India Energy Week will feature exhibitors including NOCs, NECs, IOCs and IECs, international service providers, EPC contractors, technology, service companies, utility companies, and financial organisations, from across the oil, gas, alternative and renewable energy value chain. The strategic conference will host ministers and global business leaders to actively discuss the successful development and growth of the industry, promote strategic partnerships, investment opportunities and enhance industry collaboration. 20 ministerial and global business leader sessions will examine the key pillars driving India’s energy transition and influence the future of the industry, both regionally and globally.

The event concluded with a question-and-answer round between the Hon’ble Minister and the media personnel.