India’s emergence as the demand centre for energy in the world provides arbitrage opportunities around the globe for procuring natural gas, Shri Pankaj Jain, Secretary, Ministry of Petroleum & Natural Gas said while speaking at the Spotlight Session titled ‘India - a blueprint of energy transition for emerging economies’ at India Energy Week (IEW) 2024 in Goa.
The Secretary added that the opportunities to execute natural gas procurement deals much below the market rate exists, and the government encourages such sellers to engage in negotiations.
As a cornerstone of energy transition, natural gas will continue to see wider adoption in India due to infrastructure upgradation in terms of terminal capacity and pipeline network, Shri Pankaj Jain said. He added that diversification of fuel sources, both domestically and globally, was key to making the cleaner natural gas available to consumers.
Referring to sectors that can enhance the current level of natural gas usage in the country, the Secretary said that scaling of gas-based mobility and expansion of piped gas connections to homes would also be demand drivers for natural gas, he added.
Addressing the question of inviting global energy companies to operate in India, the Secretary said that the entities in the energy ecosystem need to be assured that India is a different place to conduct business now. He pointed out that removal of a million square kilometres of no-go zones for exploration and production was one such step in the direction.
Additionally, the Secretary said that IEW 2024 provided an opportunity for exhibitors to showcase unique solutions to energy problems. He pointed to various solution being developed by start-ups as examples and mentioned the electrolyser displayed by BPCL as a success story for indigenous technology development.
Moreover, Pankaj Jain elaborated that expediting and expanding adoption of biofuels was incumbent on scaling up production of the fuel at an affordable cost. He pointed out that recent progress in two key areas of biofuel production — feedstock collection and processing facilities — bodes well for the future.
“Some years ago it was unimaginable that municipal solid waste could be segregated. But it’s happing now,” Jain said. He added that the government was working on mechanisation, infrastructure support and improving local networks to improve aggregation of feedstock.
The secretary also lauded the small and medium enterprises as the unsung heroes of biofuel production enhancement.
India Energy Week Background
In yet another step in this direction, IEW 2024 is being held from 6 – 9 February in Goa and is India’s largest and only all-encompassing energy exhibition and conference, bringing together the entire energy value chain, and will serve as a catalyst for India's energy transition goals. The Prime Minister also held a roundtable with Global oil & gas CEOs and experts.
Encouraging and fostering startups and integrating them into the energy value chain will be an important focus for IEW 2024. It is expected to witness the participation of around 17 Energy ministers from different countries, 35,000+ attendees and more than 900 exhibitors. It will have six dedicated country pavilions - Canada, Germany, Netherlands, Russia, the UK and the USA. A special Make in India Pavilion is also being organized to showcase innovative solutions which Indian MSMEs are spearheading in the energy sector.
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