Global energy supply adequate despite regional conflicts, says Petroleum Minister

New Delhi [India], 15 July (ANI): Petroleum and Natural Gas Minister Hardeep Singh Puri emphasised that sufficient energy resources are available globally, despite ongoing geopolitical tensions that traditionally impact crude oil prices.
Speaking on the sidelines of a national seminar on school education organised by the Council for Social Development, Puri addressed concerns about energy security amid global uncertainties.
There are many things that have an impact on crude prices. People say that if there is military conflict somewhere, it will have an impact, but there are many military conflicts, but prices are still between $65 and $70 per barrel, Puri stated.
My view is that there is enough energy available in the world, he added.
The minister highlighted India expanding role in global energy forums, particularly noting the country recent participation in the OPEC seminar for the first time. It basically a meeting of the OPEC countries. Considering that we are now one of the largest consumers of crude oil in the world, it makes sense for us to be there, he explained.
Puri recently completed a productive tour covering Austria, Iceland, and Norway, focusing on strengthening energy partnerships and exploring new opportunities in the sector.
During his visit to Iceland, Puri emphasised the potential for geothermal energy collaboration. Iceland is very strong on geothermal, and we have ongoing collaborations with them. The advantage of going and talking to the private sector there is identifying future work that can be done, he noted.
The minister expressed his personal interest in incorporating geothermal energy into India energy portfolio, particularly through the India Energy Week platform.
Puri highlighted the remarkable growth of India Energy Week, which was launched three years ago and has now become the second-largest energy platform globally after ADIPEC in Abu Dhabi. ADIPEC deals with oil and gas, whereas we deal with all forms of energy, including biofuels and green hydrogen, he explained, noting plans to expand the platform to include geothermal energy.
The minister reported significant progress in domestic exploration efforts, with ONGC having drilled over 500 wells, the highest number in 37 years. He acknowledged the substantial costs involved in exploration, citing the example of Guyana, where 47 wells were drilled at $100 million each before a successful discovery.
We are digging more wells. I am only reporting to you the 18 wells on which, under our law, if somebody who is doing exploration and production finds some oil, they have to report to the Directorate General of Hydrocarbons, Puri stated, emphasising the regulatory framework governing energy exploration activities. (ANI)

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