Mr. Spencer Dale, Group Chief Economist, bp unveiled the bp Energy Outlook 2023 edition for India, highlighting the emerging trends in global energy transition and the need to build systems capable of providing sustainable and affordable energy security.
Our Guest of Honour, Hon'ble Minister of State in the Ministry of Petroleum & Natural Gas and Ministry of Labour & Employment, Shri Rameswar Teli addressed the august gathering and highlighted the steps being taken by India to address India's energy demand and ensure a smooth energy transition to low carbon energy future.
Our Chief Guest, Hon'ble Minister of Petroleum & Natural Gas and Housing & Urban Affairs, Shri Hardeep Singh Puri in his address at bp Energy Outlook 2023, shared his vision on the changing energy scenario, the effects global trends have on energy security in India and the way forward.
Shri Sashi Mukundan, President, bp India and Senior Vice President, bp Group in closing remarks at the unveiling of bp Energy Outlook 2023 thanked the industry members for their participation in large numbers and very engaging Q&A session.
The Federation of Indian Petroleum Industry (FIPI) in association with BP India organized presentation on BP Energy Outlook – 2023 edition on 19 April 2023 at Le Meridien, Janpath, New Delhi. The unveiling of outlook and presentation was attended by Shri Hardeep Singh Puri, Hon'ble Minister of Petroleum & Natural Gas and Housing & Urban Affairs; Shri Rameswar Teli, Hon'ble Minister of State in the Ministry of Petroleum & Natural Gas and Ministry of Labour & Employment; Shri Pankaj Jain, Secretary, MoP&NG; Mr Spencer Dale, Group Chief Economist, BP Plc; Shri S. M. Vaidya, Chairman, FIPI & Chairman, Indian Oil; Shri Sashi Mukundan, President, bp India and Senior Vice President, bp Group and CEOs of major oil and gas companies in the country.
Mr Spencer Dale, Group Chief Economist, BP Plc., made a detailed presentation on the BP Energy Outlook 2023. He apprised the participants that BP’s Energy Outlook 2023 explores the key trends and uncertainties associating with energy transition. He talked about the focus of the energy outlook primarily depends on three main scenarios to explore the energy transition: Accelerated, Net Zero and New Momentum. He mentioned that the scenarios are based on the existing technologies and do not consider the impact of new or unknown technologies. He further added that the scenarios in this year’s Outlook have been updated to consider two major developments viz, the Russia-Ukraine war and the passing of the Inflation Reduction Act in the US.
He further added that with the urgent need of climate change, the global oil and gas industry will continue to invest in cleaner forms of energy such as wind, solar, green hydrogen, biofuels etc in order to ensure a smooth energy transition process. As a result, there are signs of a New Momentum in tackling climate change.
The presentation talked about the three dimensions of the energy system- security, affordability, and sustainability; that make up the energy trilemma. He said that the events of the past year have highlighted the complexity and interconnectedness of the global energy system and the need to address all three dimensions of the energy trilemma. The opportunities and risks associated with the transition are significant and this year's Energy Outlook will be useful to everyone trying to navigate this uncertain future and accelerate the transition to Net Zero.
While giving the India’s perspective on energy transition, Mr. Dale emphasized there is a strong growth in primary energy in India led by renewables and, to a lesser extent, natural gas and nuclear. This growth is underpinned by increasing population, industrialization, and prosperity. He highlighted the following broad points: -
Hon'ble Minister of Petroleum and Natural Gas & Housing and Urban Affairs, Shri Hardeep Singh Puri in his address, complimented Mr Spencer Dale for his detailed presentation. He highlighted that while accurate predictions cannot be made about the future scenarios due to many variables and disruptions, the BP outlook has served as a guiding light for the entire industry in formulating strategies. He said that the outlook will help the oil and gas companies to navigate through the potential uncertainties surrounding energy transition. He shared his vision on the changing energy scenario, the effects global trends have on energy security in India and the way forward.
Hon'ble Minister of State in the Ministry of Petroleum & Natural Gas and Ministry of Labour & Employment, Shri Rameswar Teli in his speech stated that the rising industrialisation and urbanisation have led to an increase in the demand for energy in India. He mentioned that at the recently concluded India Energy Week held in Bengaluru, the Hon’ble Prime Minister, Shri Narendra Modi said that the country's energy strategy is being developed around four verticals and the government is rapidly working in the four directions- namely- Increasing domestic exploration and production; diversifying the supply; expanding fuels like biofuel, ethanol, compressed biogas, and solar; and de-carbonization via electric vehicles and hydrogen. He concluded that Indian energy sector’s commitment towards a low carbon economy remains steadfast.
Mr Sashi Mukundan, President, BP India and Senior Vice President, BP group, delivering his vote of thanks, highlighted the importance of this year's BP energy outlook in the backdrop of the energy transition and the recent global developments the world is undergoing. He also added that BP is encouraged by the progressive policies announced by the government to maximize production from all forms of energy, enhance India's energy security and provide affordable and reliable energy to millions of Indians in a sustainable manner.