India Will Be Able To Produce 25 Per Cent Of Its Crude Oil Demand By 2030: Union Minister Hardeep Puri

Indian petroleum industry is at the cusp of opportunity and will be able to produce 25 per cent of the country's crude oil demand by 2030, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said on Friday (14 October).

At present, five million barrels of petroleum is being consumed in our country every day and it is also increasing by three percent, which is higher than global average of around one per cent , the minister said, according to a Petroleum Ministry release.

The minister shared this with media at the three-day South Asian Geoscience Conference Geo India 2022, which began at Jaipur Exhibition and Conference Centre (JECC) on Friday.

In the inaugural session, Puri said that the ethanol-blend percentage in petrol has increased from 0.67 per cent in 2013 to 10 per cent in May 2022, i.e. five months ahead of schedule.

The ethanol blending is reducing 2.7 million tonnes of CO2 emissions which is good for the environment, according to the Petroleum Ministry release.

As per the International Energy Agency (IEA) estimates, India will contribute a quarter (25 per cent) of the growth in global energy consumption in the coming two decades, it said.

According to the ministry, BP estimates that India's energy demand will double, while natural gas demand is expected to grow five-fold by 2050.