India Poised to Lead Global Green Hydrogen Production and Exports: Hardeep Puri
New Delhi: Union minister for petroleum and natural gas Hardeep Singh Puri on Friday said that as India is on track to emerge as the hub for green hydrogen, the country is poised to lead the global hydrogen energy production and exports. “With projects like hydrogen blending in natural gas pipelines, localisation of electrolyzer-based technologies, and the promotion of bio-pathways for green hydrogen production, India is set to become a global champion in hydrogen production and exports,” the minister said at 6th South Asian Geo-science Conference and Exhibition here.
The minister also said that over the next two decades, 25 percent of the increase in global energy demand is expected to come from India. “India’s energy demand continues to soar with daily consumption currently at 5.4 million barrels, projected to reach 7 million barrels by 2030. Over 67 million people visit petrol pumps daily, a figure equivalent to the combined population of the UK, France, and Italy,” the minister said, emphasising India's remarkable growth in fuel demand, which is three times the global average.
Focussing on exploration and production of oil and gas sector, Mr Puri also said a bill to amend the existing law governing exploration and production of oil and gas would provide policy stability to investors as also promote ease of doing business. “The government's reform agenda to make it easier to find and produce crude oil (which is refined into fuels like petrol and diesel) and natural gas (which is used to generate power, make fertiliser or turned into cooking gas and CNG) will continue,” he said.
The minister also said that the bill aims to ensure policy stability for oil and gas producers and allow international arbitration and extend lease period over areas for producing fossil fuels. “It aims to decriminalise some of the provisions of the original 1948 law by introducing penalties, adjudication by an adjudicating authority and appeal as against the order of adjudicating authority,” he said.“The bill proposes to introduce 'petroleum lease' and expands the definition of mineral oils to include crude oil, natural gas, petroleum, condensate, coal bed methane, oil shale, shale gas, shale oil, tight gas, tight oil and gas hydrate. This is with a view to raising domestic output and cutting reliance on imports,” he added.
He further said that a joint working group, composed of representatives of private E&P operators, national oil companies, the ministry of petroleum and natural gas, and the Directorate General of Hydrocarbons (DGH), has been formed to address industry concerns and improve ease of doing business in the sector. “We are setting up a dispute resolution mechanism to resolve various contractual matters. About 25 disputes which were pending for more than 10 years have now been settled amicably,” he added
